Base metals had a buoyant session on positive industrial output data from China.
China’s industrial production unexpectedly grew by 0.7 per cent over the year in May, beating market consensus of a 0.7 per cent fall, rebounding from a 2.9 per cent drop in April, according to the National Bureau of Statistics of China. Manufacturing output bounced back following the easing of Covid-19 restrictions in some major cities while mining production continued to rise.
Keep an eye out for resource stocks that could catch a bid today such as BHP (ASX:BHP), IGO (ASX:IGO), Nickel Mines (ASX:NIC) and MinRex Resources (ASX:MIN).
The numbers for today
Nickel has rose 2.4 per cent to US$11.70 a pound
Alumina has added 0.8 per cent to US$365 a ton
Aluminium has gained 1.0 per cent to US$1.17 a pound
Zinc has rose 1.9 per cent to US$1.68 a pound
Sources: UBS, Bloomberg, Trading Economics