HANOI, Feb 25 Reuters Shanghai copper prices leaped to a near 10year high on Thursday, while other base metals also gained as the U.S. Federal Reserve reaffirmed its loose monetary policy to support growth in the worlds largest economy.
The mosttraded April copper contract on the Shanghai Futures Exchange rose as much as 4.5 to 70,740 yuan 10,967.27 a tonne, a level unseen since March 2011.
Threemonth copper on the London Metal Exchange hit its highest since August 2011 of 9,617 a tonne, only 5.6 below its record high level of 10,190 a tonne hit in February that year.
Aluminium also climbed, with Shanghai prices jumping as much as 6 to a 912year high of 17,635 yuan a tonne, while the LME contract was trading up 2.31 at 2,234.50 a tonne at 0514 GMT.
Feds chair Jerome Powell said it may take more than three years to reach the central banks inflation goals, a sign the central bank plans to leave interest rates unchanged for a while, against market expectations that it would tighten monetary policy soon.
Copper, aluminium and tin are storming ahead after Powells bullish comments to support the economy and there is a mix of supply tightness underpinning these particular metals, said commodities broker Anna Stablum of Marex Spectron.
Copper sees multilows treatment charges. China will struggle to produce enough aluminium in a carbon free world and tin is well benefiting with massive demand and difficulties in the supply chain, Stablum added.