Investment funds have been behind much of the 2004 advances, and "window-dressing" buying to protect year-end valuations, as well as fresh money, has restricted any attempts to challenge the downside.
Also, there is hardly any trade involvement, and this pattern may continue well into the second week of January, as next week is curtailed by holidays as well.
With New York markets closed today, the LME benefited from an influx of speculative buying late on Thursday, leaving all but tin and nickel either at or close to their bull-market peaks.
"We could well see this carried through next week - conditions will not be back to normal," another trader said.
Lead maintained Thursday's break above the $1,000 a tonne level, and notched up a fresh contract high of $1,019 - prices have never been this high since the market switched from sterling into dollars in 1992.
Fundamentally, the market is being supported by declining inventories - LME stocks fell 300 tonnes today - and a persistent tightness in the spreads. The cash/threes backwardation widened to $40 in the rings.
Lead's main end-use, some 75 percent of global consumption, is in automobile batteries - and 2005 trends are promising, analysts said.
China's rapid industrialisation and motor vehicle expansion will boost battery manufacturing in the region, while cold weather in the northern hemisphere will result in increased demand for replacement units in the first quarter.
Three months prices settled back slightly, but at $1,010 a tonne were still up from the $1,005 Thursday kerb close.
Sister metal zinc remained near the $1,960 7-year high, with inventories falling 1,900 tonnes to 629,425 tonnes, the lowest since September 2002. Last trade was at $1,957, against the previous close of $1,960.
Copper spurted above $3,150 to finish the rings at $3,154, up $16.50, and eyeing the $3,175 16-year high set in October. Warehouse stocks continue to be whittled away, falling 500 tonnes to 48,875 tonnes, a level last seen in July 1990.
Aluminium dipped to $1,962 from the previous $1,965, but was not far adrift from the new 9-1/2 year high of $1,972. Tin rose $50 to $7,775, while nickel was at $15,195, against $15,225.