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The base metals pack rebounded from the weakness of the previous week, with nearly all metals ending on a higher note.

LME Nickel and Zinc were among the top gainers, and Copper prices also rose by nearly 2 percent, driven by China's commitment to address its post-COVID economic recovery.

However, prices faced bearish pressure and declined during the week as specific measures for economic support were lacking. The market was influenced by the upcoming rate decisions from the Federal Reserve and the European Central Bank, as well as concerns over peaking interest rates following strong U.S. economic data.

The strengthening dollar impacted commodities priced in dollars, making them more expensive for buyers using other currencies. Moreover, uncertainty about potential rate increases and declining demand from China limited the upside for base metals.

OUTLOOK: We expect copper to trade higher towards 748 levels, a break of which could prompt the price to move higher to 751 levels.