According to The Australian Financial review, Zinc powered to its highest levels in more than 8-1/2 years on Friday on continued fund buying but analysts cautioned that prices were outrunning supply/demand fundamentals.
Lead also extended its rally, hitting the strongest in 3-3/4 years.
Zinc is the best performing metal on the London Metal Exchange this year, surging 77 per cent this year on fears that closures and suspensions of major mines will lead to shortages.
Benchmark LME zinc closed at $US2819 a tonne, a gain of 3.5 per cent and its highest since March 6, 2008. It marked up an 11 per cent rise for the week, the largest weekly increase since February 2010.
Caroline Bain, senior commodities economist at Capital Economics said "I'm afraid I do feel there's a huge element of speculation and at some point sentiment will turn and we could see quite a sharp correction."
Lead, often mined in the same deposits as zinc, also pushed higher, helped by a 16 per cent fall in weekly inventories monitored by ShFE, bringing the stocks decline in China to 62 per cent since late July.
LME lead jumped 6.7 per cent to finish at $US2391.50 a tonne, the strongest since February 2013 and the biggest one-day gain in five years.
Most other metals were weaker, hit by speculators locking in profits from recent rallies and producer selling, but copper edged into positive territory by the close.
LME copper ended 0.2 per cent firmer at $US5879 a tonne after Chinese trade data showed refined copper imports fell 45 per cent year-on-year in October.
"However, we do not think this is signalling weakness in underlying copper demand and expect a rebound in China's copper imports soon," Barclays said in a note.
Aluminium shed 0.8 per cent to close at $US1757, nickel slipped 0.1 per cent to $US11,570 and tin fell 2 per cent to $US20,925.
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