Aluminium climbed on Friday to equal an all-time high, boosted by record oil prices and concerns over power shortages in China, while the dollar's fall fuelled buying across commodities. Aluminium for three-month delivery on the London Metal Exchange ended at $3,318 a tonne from $3,290 at the close on Thursday, when it hit an all-time high of $3,380 a tonne.
The metal used in transport, packaging and power has also been boosted by reports the 20 largest smelters in China - the world's largest producer of the metal - will cut back production by up to 10 percent due to energy shortages. Metals analyst Jim Lennon at Macquarie Bank said that while he doubted there would be a shortfall of aluminium in the market, the metal was trading higher, "on energy fears".
Copper was underpinned by dollar weakness and buoyant sentiment across commodities, but buying interest has been muted due to fears of slowing global demand. Stocks of copper in warehouses monitored by the Shanghai Futures Exchange rose 5 percent in the week ended Thursday, up to 38,150 tonnes from 36,175 tonnes the previous week. Fears demand for copper - used primarily in construction and wiring - could be dragged down by problems in the US housing market was also weighing on sentiment.
Copperlast traded at $8,270 a tonne from $8,230 at the close on Thursday. Copper for September delivery was trading up 1.30 cents at $3.73 by 1605 GMT on the New York Mercantile Exchange's COMEX division. Zinc, used for galvanising steel, was also supported by the prospect of power shortages in China over coming months.
It closed at $2,025 a tonne compared with $1,990 at the close on Thursday. Earlier it touched $2,074.75, the highest since May 29. Lead jumped almost 5 percent to a five-week high at $2,080 a tonne as falling stocks triggered fresh buying, before easing to $1,965 from $1,984 on Thursday.
The metal has gained more than 30 percent this week. Stocks fell 2,225 tonnes to stand at 98,950 tonnes, with analysts pointing to strong buying interest from China. Nickel was at $21,600 from $21,900 and tin was at $22,900 versus Thursday's $22,700.
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