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Base Metals Report

Metals such as Copper and Zinc added up to their gains from the previous week, while other metals such as Nickel and Lead slipped lower, concluding on a lower note.

The price of the light metal aluminium increased by more than 6% this week as supplies in LME-registered warehouses for the metal are getting close to 22-year lows attained in August of last year.

On the other hand, copper prices increased to their highest level in more than six months as a result of a better outlook for demand following China's largest buyer, the United States, reopening its borders.

Additionally, as copper prices topped $9,000 per tonne for the first time since June, the US dollar index was around a seven-month low, which helped to bolster prices even more.

Beijing's numerous regulatory attempts to boost its economy and struggling real estate market have increased investor confidence.

Outlook: We expect copper to trade higher towards 781 levels, a break of which could prompt the price to move higher to 792 levels.

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