Base metals were higher across the board - ANZ

Analysts at ANZ explained that the Base metals were higher across the board as the rebound from last week’s sell-off continued.

Key Quotes:

"Aluminium was one of the best performers after another strong drawdown of inventories held on the London Metal Exchange. Stocks fell by 0.6% to 1.91 million tonnes, the lowest since December 2008.

The apparent tightness is also showing up in premiums, which have continued to climb in Japan.

Copper was also higher, despite Escondida workers heading back to work after the longest strike in its history.

Chile’s copper agency, Cochilco said growth in global demand of 2-3% and significant supply side disruptions would push the market into a 250kt deficit in 2017."