Economics
Base Metals Extend Best Rally in Three Years on Growth Optimism
- Nickel leads gains as Japan producer widens deficit forecast
- Zinc nears 10-year high, while copper at highest since 2014
Why Industrial Metals May Be in a Bull Market
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Industrial metals extended their longest weekly rally in three years, with nickel pacing gains and zinc reaching the highest in almost a decade as investors grew more optimistic about the outlook for supply and demand.
An index of the six main metals traded on the London Metal Exchange advanced 1.2 percent, after climbing for a sixth straight week on Friday, the longest such rally since April 2014. Nickel jumped as much as 3.4 percent in London as Japan’s top refiner said it expects a larger global shortage, while trading volume ballooned on the Shanghai Futures Exchange. Most of the main contracts on the LME rose, with copper touching the highest since 2014.