Lead was Thursday morning’s largest gainer, up $24 to $2,461 per tonne as at approximately 09.45am London time. Copper rose $32 to $6,782 per tonne, while aluminium was inched $5.50 higher to $2,058.50 per tonne.
Concerns about the growth of the Chinese economy and the tight credit situation there had been pressuring the broader base metals for most of this week. However, the reading of China’s November purchasing managers’ index (PMI) beat forecasts at 51.8.
There was also positive data out of the United States, with the country’s third-quarter gross domestic product growth coming in at 3.3%, from 3.0% previously.
Still, the positive readings did not lift the entire base metals complex.
“Base metals prices are on a back footing, most metals are holding above support levels, suggesting consolidation,” William Adams, senior research analyst at Metal Bulletin, said.
Nickel continues to decline
- Nickel fell $110 to $11,310 per tonne, the largest loser of the day. The metal had the largest inventory movement of the day, with 348 tonnes freshly canceled.
- Tin dropped $45 to $19,475 per tonne.
- Zinc ticked $6 higher to $3,163 per tonne.
Currency moves and data releases
- The dollar index rose 0.13% to 93.40.
- Brent crude traded 0.11% higher to 62.71.
- A reading of the Eurozone consumer price index is expected later.
