Industrial metals settled lower on LME on Wednesday as surprisingly strong new-home-sales data was overshadowed by a firmer dollar and concerns about Chinese demand. However, weaker rupee supported metals’ prices on MCX.

Japan's output of rolled copper product fell to 62,117 tonnes in July on a seasonally adjusted basis, down 26.4 percent from a year earlier, preliminary data showed on Thursday. The figure represents a 9.7 percent increase from the previous month, the Japan Copper and Brass Association said.

China's State Council said it would restrict lending, licenses and land supply, among other measures, to restrain excessive construction in the steel, cement, plate glass, coal chemical, silicon, wind power equipment and other sectors.

Mr Roger Agnelli CEO of Vale SA, world’s second largest nickel producer, said that it plans to resume output at its Canadian Sudbury operations as soon as possible amid a strike by union employees.

Jinchuan Group Ltd., China's largest producer of nickel, lowered its nickel prices by nearly 5 percent to 146,000 yuan
($21,370) per tonne, the first price cut in several months, analysts and traders said on Friday.

The momentum in industrial metals may remain sideways to up as strong GDP number from the U. S. may support the prices. However, Nickel may witness a downside following the possibility of restart of Canadian Sudbury mine.