Base metals stimultaed by expanded manufacturing activity

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Source: Dukascopy Bank
Base metals apart from zinc caught momentum on Thursday amid better than expected PMI data worldwide. Copper, the top-performer, gained additional stimulus from supply disruption at Canada's First Quantum Minerals mine due to strike. The red metal also was bolstered by the two and a half-year low inventory at the LME warehouses. Nickel also was among the top gainers, rallying on the expected tightening of supply as BHP Billiton announced it would reduce nickel's production in Australia amid weak demand and strong Australian Dollar. Alumnium continued to be supported by the strong demand for Japan and South Korea. However, zinc remains the weakest metal in the group with record high inventories at the LME warehouses but expanding automobile industry may weight up on the metal's price.
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