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Copper closed strongly on the London Metal Exchange (LME) on Thursday in technically-inspired buying which traders said could test the all-time high of $5,100 a tonne in coming sessions.
"We have seen the whole commodity complex being bought today and once (copper) broke $4,910, it brought $5,100 and even higher into play," one LME dealer said.
Copper closed at $4,970 a tonne, up $115 from its close on Wednesday and was looking towards $5,000 and last month's record $5,100.
Silver touched its highest in over 22 years, while gold and oil were also higher.
"This is a strong close, which builds on yesterday's. It is the start of the month when we traditionally see money coming into the market and we could see more buying on Friday," another LME dealer said.
Grupo Mexico's giant La Caridad and Cananea copper mines were closed for the third consecutive day on Thursday, as striking workers held firm in their support for a beleaguered union boss.
Between them, La Caridad and Cananea produced close to 320,000 tonnes of copper in 2005.
Copper's close of $4,855 on Wednesday was significant because it exceeded the contract's 10- and 30-day moving averages, upon which chart-based traders place great weight when deciding their next move.
Copper hit $5,100 earlier this year on a wave of cross-asset investment in commodities, but has been volatile while generally losing value since then, with one day's losses regained only in part the next day.
Other metals also rallied in copper's wake.
Aluminium ended the day at $2,415, up $45.
"Technicians are looking for another $200 on aluminium," the first dealer said.
Zinc closed at $2,393, up $38 and was approaching parity with aluminium.
"Aluminium and zinc may well challenge each other for position, but I think aluminium will win out," the first trader said.
Nickel, probed the top of its ranges on the upside and rose $445 to $15,295 and lead was up $59 at $1,237. Tin was at $7,925/950 from $7,750.

Copyright Reuters, 2006

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