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Lead and zinc prices were the laggards, both little changed with a slightly weaker bias, while copper led the rest of the complex higher.
The most-traded May copper contract on the SHFE stood at 49,640 yuan ($7,891) per tonne as of 10.30am Shanghai time, up by 380 yuan or 0.8% from Wednesday close.
US fourth-quarter final gross domestic product (GDP) surpassed analysts’ expectations overnight with growth of 2.9% – slightly quicker than the forecast growth of 2.7%.
The reading, which indicated the US economy was on steady footing heading into the current quarter, allayed fears of a slowdown in global economic growth and provided some support to the base metals complex.
Meanwhile, a continued winding down of geopolitical tensions also saw investors’ appetite for the metals pick up, with the easier environment spurring participants to take advantage of the metals’ relatively lower prices. Base metals prices
Currency moves and data releases