Base metals snapped up smart gains with most of them rising by more than 3-4%. More of fundamentals it seems better than expected economic reports from Germany, France and expectation of economic recovery have helped prices to move up.

Nickel was the best performer in entire base metals complex due to its ongoing supply constraints was up by more than 4%.

IN FOCUS:
Copper prices added to robust closing levels in Wednesday's after-hours trade as an encouraging U. S. Federal Reserve statement prompted buyers to take prices back near session highs.

China's refined zinc production may reach an all-time record in the third quarter following the startup of 300,000 tonnes of new annual capacity and greater use of existing capacity due to high prices, an analyst at state-owned research group Antaike said

China ended 5 months of record copper inflows in July, but imports of scrap surged by two-thirds and domestic production of refined copper continued to climb, showing that demand from the world's top consumer of the metal stayed hot in the summer.

Crude oil: The counter looks strong above 3400 levels, with RSI maintaining above the MA and +DI on the upside. The prices are resisting on the upside, thus breaching
3480 levels can trigger a upside till 3550 levels. Thus one can buy on dips above 3380.

Natural Gas: The counter is weak below the support level of 170. The RSI is dropping while-DI is rising upside, thus the counter looks weak. Next support is at 158-60 levels, therefore prices are expected to consolidate at the lower levels for some time.

FUNDAMENTAL OUTLOOK:
Looking the way Baltic index has moved in last few session one might not be tempted to go long in base metals and might not get more reasons but the fact is the data point which have come out from U. S., Europe and Japan it seems that we might see “V” shape recovery and that positive sentiments are driving prices of industrial metals.