Metalnewsnet 14 Apr:

Aluminum advanced to the highest price in 18 months, pacing an increase in industrial metals, as equities gained and an accelerating global economic recovery led by Asia boosted confidence raw material demand will increase.

The metal for three-month delivery gained as much as 0.7 percent to $2,452 a metric ton, the highest level since Sept. 30, 2008, and traded at that price at 12:05 p.m. Singapore time. Copper rose as much as 0.9 percent to $7,968 a metric ton and traded at $7,960 a ton. Zinc increased 1 percent to $2,410 a ton.

The economy in China, the biggest metals consumer, may have expanded 11.7 percent in the first quarter, the fastest pace in almost three years, according to the median estimate in a Bloomberg News survey of 24 economists. Singapore unexpectedly revalued its currency, triggering the biggest gain in 10 months, after the government raised forecasts for growth and inflation.

"An improving economic outlook, as reflected in gains in the global equities markets, bolstered metals," Yan Wei, an analyst at Huazheng Futures Co., said from Shanghai. "The dollar may continue to have downside pressure in the near term," which is also bullish for metals, Yan said.

The dollar fell against a basket of six major currencies for a fourth day on speculation a report today will show U.S. consumer prices stayed near zero, backing the case for Federal Reserve to keep borrowing costs near zero. The euro advanced after Greece yesterday drew stronger demand at a debt auction on increased investor confidence.

Copper for July delivery on the Shanghai Futures Exchange climbed as much as 1.2 percent to 63,250 yuan ($9,267) a ton. The contract last traded at 62,920 yuan. Aluminum rose as much as 1 percent to 17,210 yuan a ton in Shanghai, the highest price since March 1 this year.

Lead was little changed at $2,357 a ton in London. Nickel and tin were yet to trade, after advancing yesterday to $25,870 a ton and $18,980 a ton, the highest prices since May 21, 2008, and Sept. 18, 2008.

Editor: KylinTse