HANOI Shanghai aluminium rose on Friday to its highest in nearly two years, as funds pumped money into commodities including metals to hedge against rising inflation.

The most-traded June aluminium contract on the Shanghai Futures Exchange (SHFE) was up 1.6% at 20,730 yuan (US$2,864.64) a metric ton as of 0539 GMT.

The contract hit 20,740 yuan earlier in the session, the highest since April 2022, and was set for a seventh straight weekly gain.

Three-month aluminium on the London Metal Exchange (LME) advanced 1.1% to US$2,482 a ton and was set for a fifth straight weekly gain.

US consumer prices increased more than expected in March, raising the need for funds to get hold of hard assets.

LME zinc climbed 2.1% to US$2,817 a ton. It hit the highest since April last year at US$2,823.50 earlier in the session.

SHFE zinc was set for a ninth straight daily gain, up 1.7% at 23,030 yuan. The contract was up 8.4% on a weekly basis, on track for its biggest weekly gain since October 2021.

LME copper rose 0.9% to US$9,424.50 a ton, nickel advanced 0.4% to US$17,880, and lead increased 1% to US$2,165.

SHFE copper was up 0.6% at 76,670 yuan a ton, lead advanced 0.1% to 16,740 yuan, while nickel fell 1.2% to 138,260 yuan.

Tin prices were supported by uncertainty over supply from major producer Myanmar, where tin mining in a major producing region remains suspended.

LME tin was up 11.4% on a weekly basis at US$32,065, set for the biggest weekly gain since January 2023. SHFE tin has risen 10.1% so far this week, on track for the best week since April last year.

  - Reuters