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The industrial metals pack ended on a positive note, except for aluminum, which ended on a lower note, down 0.4 percent, whereas nickel was the top gainer.

The majority of base metals witnessed positive trading sessions during the week, as copper prices rose to their highest level in more than five weeks as a result of stronger data from China which showed copper imports increased in July, up 9.3% from a year earlier, given the significant decline in prices.

And further gains in metals came following the dollar index which slipped almost 1% along with lower-than-expected US inflation, which raised hopes that interest rate increases would be more gradual and calmed concerns about the fears of a recession.

As the demand for aluminum is significantly influenced by the construction industry, further data from the largest consumer, China highlighted a poor construction sector, causing the prices to end lower. 

Outlook: We expect copper to trade higher towards 685 levels, a break of which could prompt the price to move higher to 696 levels.

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