Base metals mostly higher on Thursday amid positive headlines from the US

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Source: Duakscopy Bank
Industry metals moved higher on Thursday amid weaker US Dollar and inspiring manufacturing and labour data from the US. However, soft China's demand coupled with escalated concerns over probable country's "hard landing" both created a downward pressure on the base metals pack. Copper was the top-gainer over the day as the red metals caught momentum on the expected fall in supply. Freeport-McMoRan reduced its copper sales forecasts for Q1 because of strikes at Grasberg mine in Indonesia. At the same time, the upswing may be capped as Goldman Sachs expects large fall in copper imports to China in the following months. Other base metals suffered from record high inventories at the LME warehouses whereas nickel is likely to jump on the expected output cuts.


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