Base metals witnessed a significant jump in prices, taking cues from the inflation figures that the recession might be loosening its grip and demand would look up in the near future. Industrial output number and weaker dollar also supported an upside in prices.

Copper futures rallied to Rs. 255.8 on MCX on Wednesday, a gain of 3.35 percent. All the other base metals rose by over 2 percent on MCX as well as on LME.

The value of Chile's copper exports amounted to $1.979 billion in June, down 37 percent compared with $3.151 billion in the same month a year ago, central bank figures showed Wednesday.

The global copper market was in a surplus of 90,000 tonnes in the January to May period, the World Bureau of Metal Statistics (WBMS) said on Wednesday.

The global zinc market was in surplus by 178,000 tonnes in the first five months of 2009, The Lisbon-based International Lead and Zinc Study Group's
(ILZSG) latest monthly bulletin shows.

We witnessed a sharp upside in base metals yesterday. China’s industrial production and GDP number remains the main reason for them to move up sharply. Base metals are likely to extend gains during the day. Lead, Copper and Aluminum looks strong for the day.