London 14/07/2016 - Base metals ranged from steady to higher levels during Thursday's LME sessions, mostly holding around this week's multi-month highs and looking to lock in and build on current short-term positive sentiment, traders said.
Sentiment has been boosted by anticipated central bank monetary stimulus in Asia as well as expectations of policy easing in Europe and the UK and a pick-up in risk appetite.
"For the time being, it seems that most of the lights are 'flashing green', as markets move higher, with gold and the dollar being the exceptions," INTL FCStone analyst Edward Meir said.
In US data, the PPI in June, rising 0.5 percent, was better than the forecast 0.3 percent increase and the core PPI - which strips out energy and food components - at 0.4 percent was up on the predicted 0.1 percent.
Weekly unemployment claims between June 30 and July 7 at 254,000 were below the 263,000 estimate and more importantly under the psychological 300,000 mark.
Investors are now awaiting further data out of China - the world's largest end-user of commodities has been struggling to maintain growth at 6.5-7 percent in recent months. Figures including the official GDP figure, industrial production, fixed asset investment and retail sales are coming up.
Earlier, the market was unfazed by the UK Bank of England's unexpected decision to keep its key rates unchanged. The central bank signalled more stimulus will come in August to aid the post-Brexit economy but it has kept its powder dry for now.
In other markets, this took the steam out of UK equities, which shed gains to end slightly lower, while the pound and the euro gained against the dollar.
In the metals, copper remained below the $5,000 level that was momentarily breached on Wednesday, ending at $4,940 per tonne, up just $2 on Wednesday's close. In today's warehouse data, copper stocks rose a net 1,875 tonnes to 234,925 tonnes and cancelled warrants climbed 7,100 tonnes to 76,000 tonnes.
Aluminium equalled yesterday's one-year highs before ending at $1,683, up $10. Stocks and cancelled warrants both fell 6,475 tonnes to 2,325,600 tonnes and 980,475 tonnes respectively.
Zinc also revisited previous 13-month highs above $2,200 before closing at $2,189, an $11 advance still. Stocks and cancelled warrants both declined 125 tonnes to 439,075 tonnes and 20,775 tonnes respectively.
Lead was last at $1,896.50, up $18 and just $2 below a 13-month best - stocks climbed 1,400 tonnes to 185,925 tonnes.
In others, nickel continued to consolidate above the psychological pivot point of $10,000, concluding at $10,355, up a mere $5. Stocks were up 414 tonnes to 378,816 tonnes.
Tin ended at $18,095, up $120; stocks fell 30 tonnes to 6,015 tonnes. Steel billet was indicated at $300/325, cobalt at $25,000/25,500 and molybdenum at $14,750/15,250.
(Additional reporting by Ewa Manthey, editing by Mark Shaw)