Market reports show aluminium prices hitting near two-week highs with broader base metals – including copper – rising on supply worry cues and stronger risk appetite in financial markets.

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The price is still up 35percent over the last six months. “It’s been a very bumpy ride, but right now the focus is probably mostly on position squaring,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. “We’re heading into a quiet period for the Lunar New Year, so it’s a question of the level of positions speculators in China want to carry into this period.” Physical demand has fallen in China, the world’s top metals consumer, ahead of its nine-day Lunar New Year break starting February 15 when economic activity stalls.

The most-active copper contract on the Shanghai Futures Exchange was up 0.4percent to close daytime trading at 102,330 yuan a ton. Aluminium was the best performer on the LME, climbing 1.4percent in official activity to USD3,145.50 a ton, its strongest since January 30, after Australia’s South32 S32.AX reaffirmed it would put its Mozambique aluminium plant on care and maintenance next month after a drought hit power supply. “Attention has really turned to the aluminium market where the options markets have seen predominantly bullish trades,” broker Marex said in a note.

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