Copper and aluminium rally, zinc hits fresh high

LONDON, Nov 9 (Reuters) - London Metal Exchange (LME) copper and aluminium rallied on Thursday, lifted by higher gold and oil prices, and investors were buying the dips after the previous session's sharp drops.

"The whole commodity basket is being bought -- gold looks steady at $630 and oil is back above $60," an LME trader said.

After falling by more than four percent in the previous session, copper for delivery in three months <MCU3> bounced back to end at $7,310, up 2.7 percent, against $7,120 on Wednesday.

Aluminium <MAL3> rose by four percent to close at $2,825, up by $108. In the previous session, aluminium fell by 2.8 percent.

Dealers said market participants were unwilling to let prices fall as the year-end is approaching with many fund managers' portfolios being evaluated at the end of the year.

Volumes in aluminium had been higher than in copper and the light metal could go up to $2,850 short-term, dealers said.

With the global aluminium market currently in deficit, supply tightness looming in December and with prices starting to build some upward momentum, Standard Bank expected prices to continue rising towards $3,000, a monthly report said.

LONDON, Nov 9 (Reuters) - London Metal Exchange (LME) copper and aluminium rallied on Thursday, lifted by higher gold and oil prices, and investors were buying the dips after the previous session's sharp drops.

"The whole commodity basket is being bought -- gold looks steady at $630 and oil is back above $60," an LME trader said.

After falling by more than four percent in the previous session, copper for delivery in three months <MCU3> bounced back to end at $7,310, up 2.7 percent, against $7,120 on Wednesday.

Aluminium <MAL3> rose by four percent to close at $2,825, up by $108. In the previous session, aluminium fell by 2.8 percent.

Dealers said market participants were unwilling to let prices fall as the year-end is approaching with many fund managers' portfolios being evaluated at the end of the year.

Volumes in aluminium had been higher than in copper and the light metal could go up to $2,850 short-term, dealers said.

With the global aluminium market currently in deficit, supply tightness looming in December and with prices starting to build some upward momentum, Standard Bank expected prices to continue rising towards $3,000, a monthly report said.

LONDON, Nov 9 (Reuters) - London Metal Exchange (LME) copper and aluminium rallied on Thursday, lifted by higher gold and oil prices, and investors were buying the dips after the previous session's sharp drops.

"The whole commodity basket is being bought -- gold looks steady at $630 and oil is back above $60," an LME trader said.

After falling by more than four percent in the previous session, copper for delivery in three months <MCU3> bounced back to end at $7,310, up 2.7 percent, against $7,120 on Wednesday.

Aluminium <MAL3> rose by four percent to close at $2,825, up by $108. In the previous session, aluminium fell by 2.8 percent.

Dealers said market participants were unwilling to let prices fall as the year-end is approaching with many fund managers' portfolios being evaluated at the end of the year.

Volumes in aluminium had been higher than in copper and the light metal could go up to $2,850 short-term, dealers said.

With the global aluminium market currently in deficit, supply tightness looming in December and with prices starting to build some upward momentum, Standard Bank expected prices to continue rising towards $3,000, a monthly report said.

Lead <MPB3> was quoted at $1,740/1,745, up against $1,715.

On Wednesday, lead hit a new contract high of $1,755.

Standard Bank was particularly upbeat for lead upping its forecast for this metal used primarily for car batteries, by 10 percent to $1,300 a tonne and said prices could even go higher.<