"There's high-level data showing that things are beginning
to stir in China, but when it comes to infrastructure and
construction, it will take a bit more time," said independent
consultant Robin Bhar.
"There's good dip-buying around to support the underside.
People are taking the opportunity to build longs, whether
tactically as we go into Q2 or strategically because of the
green energy transition."
Copper held its gains despite a reverse in the dollar after U.S. data. The dollar index firmed after U.S. producer prices for January came in higher than expected and jobless claims fell. A stronger dollar usually undermines commodities priced in the currency, making them more expensive for buyers using other currencies.
Funds were establishing short positions in zinc and aluminium, Al Munro, at broker Marex, said in a note.
According to Marex estimates, the LME net speculative short position in aluminium was the largest since early October while the short in zinc was the largest since July last year. LME aluminium gained 1.1% to $2,410.50 a tonne, zinc edged up 0.1% to $3,022, nickel advanced 1.8% to $26,625 and tin rose 1.2% to $26,975, while lead eased by 0.2% to $2,049.
For the top stories in metals and other news, click ($1 = 6.8583 yuan) (Reporting by Eric Onstad; Additional reporting by Mai Nguyen in Hanoi; Editing by Shounak Dasgupta, David Goodman, Mike Harrison and Sharon Singleton)
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