Base Metals Rise on China Manufacturing

Nickel

Nickel for three-month delivery gained 2.2% to $21,160 per tonne on the LME. On Tuesday, nickel inventories on the exchange declined 198 tonnes to close at 118,662 tonnes. The metal finds support and resistance at $20,492 and $21,052, respectively.

Zinc

Zinc for delivery within three months soared 2.4% to $2,114 per tonne on the LME. Stockpiles fell by 550 tonnes to close at 622,550 tonnes on Tuesday. The metal finds support at $2,053 and resistance at $2,132.

Japan's refined zinc exports for July slumped 20% to 7,580 tonnes from the same month a year ago, the seventh straight month of declines, Reuters reported. Taiwan accounted for 29% of the total export volume followed by China at 24%.

Lead

Lead climbed 1.1% to $2,092 per tonne on the LME in early trading Wednesday. Inventories reduced 650 tonnes to close at 191,500 tonnes Tuesday. The metal finds support at $2,036 and faces resistance at $2,124.

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