Industrial metals continue to outperform other commodities and stealing the show as Copper made fresh high of 2009, tracked by positive U. S. housing report coupled with better than expected manufacturing PMI in Euro zone.

Lead, Zinc, Aluminum too rose but supply concerns looming over lead, might also support the prices.

Japanese copper wire and cable shipments totaled an estimated 58,200 tonnes in July, down 20.5 percent from a year earlier, but up 0.9 percent from a month earlier as demand improved due to a recovery in some sectors.

China's apparent demand for refined copper fell by 10 percent in July from June after imports dipped 23 percent from a record, Reuters calculations based on official data showed on Monday.

Aluminium demand fell 13.4 percent in July to 1.19 million tonnes after a 50 percent slump in imports. However, in the first seven months of the year, imports are up a huge
1,481 percent, while demand is up just 5.6 percent in the same period.

Momentum in base metals still strong in base metals complex however Chinese drop in imports of copper can trigger a small round of profit taking as rally seems quite exhausted. However these corrections shall be used as good buying opportunity, lead in particular looks strong as Chinese Authorities are asking some of the lead smelters to shut down their operation due to lead poisoning amongst Children.