Base metals are trading higher Tuesday with zinc rallying over 1.48 percent to trade at $3162.0, aluminum at $2322.50, up 0.62 percent and copper at $6992.50, unchanged from its previous close.
Despite ongoing trade wars, the base metals market especially copper is focusing on the supply side issues as the eventual lack of new investments into the mining sector continue to take a toll on prices.
Traders are also focused on wage discussions at BHP Escondida mine in Chile. While the market sentiment remains largely neutral, the overall bias is likely to remain positive.
Copper is expected to rally to $470.0-$472.0 this week whereas nickel should be headed to $1050.0-$1060.0 levels driven by demand for electronic vehicles (EVs)
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Frontpage January 24, 2019