Base metals witnessed a significant jump in prices, driven by positive sentiment in global equity markets and economic data namely retail sales and producer prices, raised confidence in the global economy.

LME copper futures rallied to Rs. 247.35 on MCX on Tuesday, a gain of 2.49 percent. Nickel was clearly the winner for the day, rising by 4.6 percent and settling at Rs. 757.6.

Aluminium stocks held at key Japanese ports fell for the fourth month in a row, due to a sharp decline in imports of the metal as demand remains weak, trading house Marubeni Corp said on Monday.

Global miner BHP Billiton Ltd/Plc is asking for as much as A$1 billion ($793 million) for its idled Ravensthorpe nickel mine in western Australia, the Australian Financial Review reported on Wednesday. BHP spent more than $2.2 billion developing Ravensthorpe but the mine operated for little more than a year before being closed down in January.

U. S. Retail sales improved by 0.6 percent in the month of June, compared with the expectation of 0.4 percent and last month¡¦s figure of 0.5 percent.

Base metals have shown phenomenon strength yesterday with Nickel and Copper guiding the way. We continue to remain bullish for the day and gains are likely to extend in base metals complex. Yesterday’s laggards might perform today. So lead looks good for the day.