Base metals prices increased on Thursday, buoyed by positive economic data releases that fueled optimism about global growth. Copper, aluminum, and zinc all saw significant gains as investors reacted to the encouraging news.

Factors Influencing the Rise

Several factors contributed to the upward trend in base metals:

• Strong Manufacturing Data: Reports indicating robust manufacturing activity in key economies, particularly China and the United States, boosted demand expectations.
• Improved Consumer Confidence: Rising consumer confidence levels suggest increased spending, which typically translates to higher demand for metals used in various consumer goods.
• Infrastructure Development: Ongoing infrastructure projects in emerging markets continue to support demand for base metals like copper and aluminum.

Market Outlook

Analysts predict that the positive momentum in base metals could continue in the short term, provided that economic data remains supportive. However, potential risks, such as inflationary pressures and supply chain disruptions, could impact future price movements.

Key Metals Performance

• Copper: Rose to its highest level in several weeks, driven by strong demand from China.
• Aluminum: Gained ground due to increased demand from the transportation and construction sectors.
• Zinc: Experienced a notable increase, supported by positive sentiment in the steel industry.