Metal prices added new impetus, although some investors have expressed concern about the price rise, but in the context of continued global demand, zinc prices soared to over $3000, with Chinese illegal production, aluminum prices also rose.
The aluminium metal price rose 2.6%, to $3037 a tonne, the highest level since 2007, at $3029 a tonne at 1:20 p.m. local time. Aluminium prices rose 1.3% to $2075.50 a tonne, the highest level since November 2014, with nickel, copper and lead all up.
The base metal index hit a two-year high last week as China's demand was better than expected and the dollar weakened. In order to defuse overcapacity and protect the environment, the Chinese government this year to increase efforts to shut down illegal aluminum and steel production capacity.
Bernard Dahdah, a metals analyst at the French Foreign Trade Bank in London, said the efforts to boost growth earlier this year before the nineteen major Chinese Communist Party also stimulated the metal use in the manufacturing and industrial sectors.
"Earlier this year, prices were mostly related to supply, but recently we've seen demand start to support," Dahdah said over the phone.