Base metals rallied on Friday on the inspiring US data

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Source: Dukascopy Bank
Industry metals rallied on Friday amid improved US confidence and mixed housing data. Broadly stronger Euro also contributed to the gains of base metals pack. Aluminium, the top-performer, drew additional support from growing energy prices and better automobile sales. Metal also faced strengthening spot demand at the LME and may be buoyed by expected shortage in the market. At the same time, copper may seek fresh stimulus from the renewed strike at Freeport McMoRan as well as 0.5% fall in China's copper stocks. Nickel's price is likely to stay high amid better spot demand while zinc is likely to remain the weakest metal on the record high inventories and poor spot demand.


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