Most-active futures jumped as much as 13% to $30.35 an ounce on the Comex.

Analysts participating in Reuters base metals poll were cautious, expecting high inventories and rising supply to keep a lid on prices.

Industry analysts are still bullish on copper in 2021.

Operator of the giant Tenke Fungurume mine in the DRC said it was targeting production of 16,500-20,100 tonnes of cobalt in 2021.

The province of Shandong plans to launch inspections of key industrial sectors in a bid to uncover safety risks.

The newly added deliverable brands include Benxi Steel Concentrate, IOC6, Kumba and Agglomerate Concentrate.

Stocks of the galvanising metal surged to a three-year high of 294,500 tonnes this week thanks to the “arrival” of 106,000 tonnes in the space of just two days.