Copper hit its highest level in 20 months, nickel is around a two year high, oil traded at the highest it has been for 17 months and the prices of other commodities were a bit stronger after a solid pre-Easter run up.
Comex May copper rose 3.05 cents to $US3.5840 a pound last Thursday, the highest since August 2008, and then continued with the run yesterday in Asian trading.
It traded around $US3.6150 in Asian electronic trading on Comex and hit $US3.6350 in US trading this morning.
Crude oil for May delivery rose as much as $US1.02, or 1.2% in Asia to reach $US85.89 a barrel, the highest since Oct. 9, 2008.
It then surged in the US to peak in New York Nymex trading at $US86.82.
The contract rose $US1.11, or 1.3%, to $US84.87 on Thursday, then bounded higher yesterday in reaction to the solid US employment figures for March and the good manufacturing reports earlier in the week.
Prices climbed after reports showed Chinese, European and US manufacturing expanded, while pessimism continues to ease among Japan’s largest industrial companies.
Gold also rose as signs that the global economic recovery is quickening lifted demand for commodities and stocks.
Platinum hit highest level since August 2008 after a big rise in US car sales last month and a rise in Japanese sales.
Spot gold hit $US1126.30 in Singapore, while Comex June gold traded at $US1127 in Asia and then rose to $US1132 in New York.
Falling stocks in Europe and Asia have helped lift copper prices .
LME stockpiles dropped another 1,875 tonnes on Thursday to 512,450 tonnes, down from the six and a half year high of 555,075 tonnes in mid-February.
LME stocks of aluminum, used in transport and packaging, are down more than 46,000 tonnes to 4.59 million tonnes, since peaking above 4.64 million tonnes on late January.
Traders warn that the falling stocks might actually be a mirage as much of the metal is held by banks who have bought it to finance producers and get higher returns than lending to other banks and companies.
Nickel jumped 35% in the first quarter, outperforming other LME metals, on expectations of stronger demand from stainless steel mills.
It closed at $US25,050 a tonne on the LME on Thursday.
LME nickel stocks peaked at more than 166,000 tonnes in early February and are now at 157,512 tonnes.
Zinc touched a two month high and tin ended around $US18,450 a tonne on Thursday, after earlier touching $US18,750, a level last seen since September 2008.
