NEW YORK (TheStreet) -- Lackluster economic data and a lower dollar index could set an upbeat tone for base metals Friday.
Economic date scheduled for Friday are the Consumer Price Index for August, which is pegged at 0.3%, tracking July's levels, and the Michigan Consumer Sentiment Index for September which is estimated at 70 vs. 68.9 in August.
Copper
Copper for three-month delivery rose 0.2% to $7,714 per tonne on the London Metal Exchange Friday, as a weaker dollar rendered metals cheaper for buyers holding other currencies. Inventories slumped 2,350 tonnes to 387,150 tonnes. The metal finds support and resistance at $7,590 and $7,746, respectively.
Copper gained after China's central bank reaffirmed its commitment to continue with its loose monetary policy stance and said it would deploy various fiscal and monetary tools to manage inflationary pressures in the economy.
Southern Copper(SCCO), which closed at $33.00 on Thursday, finds support at $32.72 and faces resistance at $33.19. Freeport-McMoRan Copper & Gold(FCX) closed at $81.73 with support and resistance at $81.06 and $82.48, respectively. Teck Resources(TCK) closed at $38.45 with support at $38.12 and resistance at $38.95.
Aluminum
Aluminum for three-month delivery remained relatively flat at $2,165 per tonne. LME stockpiles narrowed 4,750 tonnes to close at 4.39 million tonnes. The metal finds support at $2,136 and faces resistance at $2,183.
Alcoa(AA) closed trading at $11.26 Thursday, finding support and resistance at $11.14 and $11.38, respectively. Century Aluminum(CENX) closed at $11.25 with support at $11.07 and resistance at $11.43. Kaiser Aluminum(KALU) closed at $41.38 finding support at $41.02 and resistance at $41.81.
Nickel
Nickel for three-month delivery scored a 0.4% gain to $23,340 per tonne on the LME. Inventories declined marginally to 119,760 tonnes from 119,856 tonnes. The metal finds support and resistance at $22,881 and $23,385, respectively.
Russia is mulling a 10% export duty hike on nickel beginning November, as per an economy ministry official. Ministry sources reveal the country is exploring new revenue sources in order to plug holes in its budget.
Zinc
Zinc for delivery within three months rose 1% to $2,170 per tonne. Stockpiles decreased 550 tonnes to close at 619,925 tonnes. The metal finds support and resistance at $2,127 and $2,194, respectively.
Lead
Tracking the positive market sentiment, lead accumulated 1% to $2,225 per tonne on the LME. Inventories surged 2,200 tonnes to close at 192,025 tonnes. The metal finds support at $2,199 and faces resistance at $2,232.
