It’s the second straight day that metal prices are surging higher; copper holding at multi-week highs, nickel is holding above USD 20,000 per tonne.
Inventories are low but a strong demand surge coming back and the markets believe that next year could be even better in sense of consumption. So overall metals are doing well.
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Crude is holding above USD 70 per bbl mark. Markets are looking at the EIA data which shows that the US inventories have declined more than what the street was expecting and that seems to be adding the premium to the prices.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details