A key index tracking the prices of industrial metals including aluminium, copper and zinc, has struck record heights as soaring energy prices reduces their production. The London Metal Exchange Index on Thursday reached an all-time peak at 4,623.4 points. It represents a 35-percent jump for the LME index since the start of the year, while the increase is more than double from March 2020 when the coronavirus pandemic took hold worldwide. “Rising oil and gas prices are once again putting pressure on energy intensive industries, forcing them to cut production in the face of spiralling costs and creating supply shortages,” noted Michael Hewson, chief market analyst at traders CMC Markets UK. Europe’s benchmark gas price has more than tripled in just a few months, while oil futures have surged by about one-third since late August as economies reopen after pandemic lockdowns. Electricity costs have also rocketed, causing Nyrstar — a Belgian producer of zinc and other base metals — to cut production at its three European smelters this week by up to 50 percent, citing “the surge in energy prices”. Zinc’s value has increased by one quarter this week alone to reach a 14-year high at $3,944 a tonne. Used to galvanise other metals, zinc rallied also on a cut in Chinese production, according to analysts, who point additionally to a drop in LME stockpiles of the metal over the past six months and which shows no sign of ending.