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Metals Rally on Faster Growth, Low Supply and Weak USD

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The story of metal markets this week reads like a laundry list of achievements.Zinc crashed through the $3,000 barrier for the first time in a decade.Copper and aluminum reached three-year highs in London.Lead’s weekly gain is the biggest since June.Driving the gains was a combination of data showing faster economic growth, a weaker dollar and shrinking supply. Chinese capacity curbs have boosted aluminum, while stockpiles of zinc tracked by the London Metal Exchange have slumped to the lowest level since 2008.

Source: Metals Cap a Week of Superlatives as Zinc Leaps to 10-Year High – Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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