SINGAPORE, Dec. 2 -- Shanghai zinc futures jumped more than 4 percent on Thursday, supported by speculative buying, traders said.
Shanghai's third-month zinc SZNc3 hit a high of 18,275 yuan per tonne, near its upside limit of 18,465 yuan. By 0616 GMT, it was at 18,185 yuan, up 4 percent.
"There's some speculative buying in Shanghai and zinc is the usual target because it's cheaper than copper," said a metals trader in Shanghai.
Gains in Shanghai spilled over to three-month zinc on the London Metal Exchange which rose 3.1 percent to $2,227 a tonne, off a high of $2,235.