Stronger-than-expected key indicators from China pointed to faster expansion in the country’s economy.
“Copper and nickel prices have taken over from zinc as the metals leading on the upside, but all are looking brighter and well placed to rally, helped by stronger Chinese data and the weaker dollar. Overall, we remain quietly bullish for the base metals,” Metal Bulletin analyst William Adams said.
Meanwhile, nickel has bounced above the $9,600 support barrier for the first time since April 18 – after rising over $300 per tonne at the end of last week.
“Zinc on-warrant stocks have risen a further 27% this morning to 124,400 tonnes....