Updates prices

By Mai Nguyen

April 26 (Reuters) -Copper prices hit a record high on Friday in Shanghai while risingto a two-year high in London after surpassing a strong resistance level of $10,000 a metric ton, backed by investment flows from funds.

Three-month copper on the London Metal Exchange CMCU3 was up 1.3% at$9,997 per ton by 0736 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange SCFcv1 closed 2.2% higher at81,100 yuan ($11,192.07) a ton.

Earlier in the session, LME copper climbed as much as$10,028 a ton, its highest since April 2022, and SHFE copper hit a record high of 81,180 yuan.

LME copper was on track for its fourthconsecutive week of gains.

"Index funds, exchange-traded funds, etc, are attracting retail money into metals. Momentum-based buying is pulling them up; selling resistance remains low," said Sandeep Daga, director at metals analysis firmMetal Intelligence Centre.

"Copper needs to keep creeping up to avoid backlash from momentum traders. (It) is filled with the spirit of excitement, which is taking it far away from the reality," he added.

Yangshan copper premium SMM-CUYP-CN rebounded to $2.5 a ton after hitting zero for the first time on record, indicating a slight improvement in appetite to import copper into China. However, the premium is close to none, compared to the $67.50 at the beginning of the year.

LME aluminium CMAL3 rose 1% to $2,590 a ton, nickel CMNI3 climbed 1.3% to $19,400, zinc CMZN3 increased 1.4% to $2,889, lead CMPB3 advanced 1.4%to $2,239 and tin CMSN3 was 1.1% higher at $33,240.

However, LME aluminium is set to reverse a streak of sixth straight weekly gains. The contract was down 3% on a weekly basis, on track for its worstweek since Jan. 5.

LME tin was down 6.6% week-on-week, set for its biggestweekly fall since September 2023.

SHFE aluminium SAFcv1 jumped 1.4%to 20,625 yuan a ton, nickel SNIcv1 advanced 2.3% to 145,870yuan, zinc SZNcv1 climbed 1.6%to 22,910yuan, lead SPBcv1 increased 1.8%to 17,380 yuan and tin SSNcv1 rose 2.8% to 263,170yuan.

($1 = 7.2462 yuan)

Reporting by Mai Nguyen in Hanoi; Editing by Janane Venkatraman, Krishna Chandra Eluri and Sonia Cheema

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