Base metals rallied on Tuesday on improved global economic outlook

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Source: Dukascopy Bank
Industry metals rallied on Tuesday on positive economic data from the major world's economies. The base metals pack gained a strong spree after Fed announced the US, the second largest consumer of industry metals, faces signs of moderate economic recovery. Moreover, firm global equities pushed the metals' price higher. However, the upward move was limited by broadly stronger US Dollar. Copper was the driver for the commodity group gaining additional support from heavy rains in Chile that may impact copper deliveries from Collahuasi and Cerro Colorado mines.  Aluminium mainly tracked coppers rally on Tuesday. However, long-term trend may be bearish because of weak China's demand. Nickel and zinc continued to face pressure from high energy prices.


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