Copper climbed to the highest level in more than 27 months in London and New York as investors sought to protect their wealth against a decline in the dollar. Zinc and lead increased to their most expensive since January. Copper for three-month delivery gained as much as 2.6 percent to $8,549 a metric ton on the London Metal Exchange, the highest level since early July 2008, and traded at $8,530 a ton at 2:58 p.m. in Singapore. The metal used in cars, homes and factories reached a record $8,940 a ton on July 2, 2008. “Metals have moved beyond their fundamentals now and it’s basically speculative demand linked to a weaker dollar that’s supporting higher prices,” said Sun Zhiyin, an analyst at Shanghai Continent Futures Co.. “The phenomenal gains are a testament to the large pools of liquidity swirling out there.” The dollar fell 0.9 percent, declining for the first time in three days, against a six-currency basket including the euro and yen. The index last week snapped a five-week losing streak. Group of 20 finance ministers and central bankers ended talks in South Korea on Oct. 23 pledging to refrain from “competitive devaluation” and to let markets set foreign- exchange values more as they sought to calm fears that they risk a trade war by using cheaper currencies to spur growth. Copper for December-delivery on the Comex in New York gained as much as 2.4 percent to $3.8895 a pound, the highest price since July 2008, while the metal for January-delivery on the Shanghai Futures Exchange added as much as 3.6 percent to 65,050 yuan ($9,774) a ton, the highest price since May 2008. Copper ETF JPMorgan Chase & Co will introduce a U.S. exchange-traded fund for physical copper, the bank said in a filing to the Securities and Exchange Commission. J.P. Morgan Physical Copper Trust will hold grade A copper and not trade underlying futures, the New York-based bank said in the filing dated Oct. 22. Zinc surged as much as 3.5 percent to $2,600 a ton and lead gained as much as 2.8 percent to $2,600 a ton on the LME, the highest levels since January, after China’s third-largest zinc producer shut its biggest zinc and lead smelter. Zinc in Shanghai gained the 5 percent daily limit. Shenzhen Zhongjin Lingnan Nonfemet Co. suspended output from Oct. 21 at its Shaoguan smelter in Guangdong after authorities found that excessive levels of thallium were discharged by the plant into a river, the company said. Zinc is used to galvanize steel while lead is used in batteries. Energy Curbs Aluminum gained 2.1 percent to $2,415 a ton in London, and climbed to 16,900 yuan a ton in Shanghai, the highest level since April, on concern colder temperatures in China, the world’s largest producer, will worsen power cuts to energy- intensive industries including Aluminum Corp. of China Ltd. China’s meteorological center said most parts of the country will experience a sharp drop in temperature Oct. 24 to 26, the official Xinhua News Agency reported today. Aluminum Corp., known as Chalco, has shut 10 percent, or about 400,000 tons, of its aluminum-producing capacity after local governments implemented power restrictions, according to analysts. “The output cuts by Chalco outweigh sales by the State Reserve Bureau and this is buoying the market,” said Sun. China will release 96,000 tons of aluminum ingots from state reserves on Nov. 1-2 through public auctions, the government’s stockpiling agency said on Oct. 22. Nickel advanced 3 percent to $23,930 a ton, and tin climbed 1.9 percent to $26,899 a ton. To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net

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