However, easing supply disruption, rising U.S.- China's tensions and lack of progress in coronavirus relief bill may weigh on prices lower.
China’s July industrial output rose 4.8% from a year earlier but growth was less than expected as the economy gradually recovers from coronavirus-related lockdowns.
Chile’s state-run miner Codelco, the world’s largest copper producer expects quick progress in ramping up processing capacity at its Chuquicamata underground project while neighbouring Peru was also restarting production after lockdowns.
The U.S. Republican White House and congressional Democrats have been in a deadlock for days trying to come up with a U.S. coronavirus bill.
Copper can move towards 520 by taking support near 495.
Zinc may move towards 197 and taking support near 182 while Lead can move towards 162 while taking support near 150. It estimated refined zinc output will rise by around 0.5% in 2020, even as mine supply declines by about 1.5%.
Nickel may test to 1130 by taking support near 1050. Rapidly rising stainless steel production in top consumer China has helped to preserve demand and prices of key ingredient nickel. While stainless steel accounts for about 70% of nickel demand, its growing use in electric vehicles is expected to be the main driver of consumption in the longer term.
Aluminum may trade in the range of 140-150 with firm bias.
Canada has announced a C$3.6bn ($2.7bn) tariff on US aluminium products a day after US President Donald Trump imposed a 10% tariff on some Canadian aluminium products.
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