Industrial metals soared on Thursday amid better-than-expected manufacturing data releases from the US and Eurozone. US Markit's flash PMI rose to 51.9 while Eurozone's PMI advanced from 44 to 45.1 in August. Broadly weaker greenback also spurred rally of the base metals.
Aluminum extended previous gains on hopes for monetary stimulus in the US. Moreover, upbeat US manufacturing data provided additional support for the light metal.
Copper jumped on softer US Dollar and positive headlines from the US and Eurozone. However, speculation that China's government may tighten property market further capped the upward move of the red metal.
Nickel was the best-performer despite weakening demand from China. China's nickel imports dropped by annualized 28% in July amid strong domestic production.
Zinc moved higher despite soft spot demand and high production levels from Peru.