AHMEDABAD (Commodity Online): Metals futures rallied after the weekly US jobless claims report was better than anticipated. The number of jobs filling new unemployment claims fell by 20,000 in the week end February, the lowest level since May 2008. The optimistic data shocked economists, who expected claims to rise by 9,000 to a total 400,000. Metals prices are also moving along with the higher range of Crude oil. The gain in crude is a worry when it comes to growth. But still in international market, very less people are seen taking a long position ahead of US job numbers due today evening. Due to upbeat economic news, a weaker dollar and Crude oil prices has buoyed metals futures on Friday at LME. Lack of volume is witnessed in market as investors are waiting for US nonfarm payroll numbers. Traders are treading cautiously now as job data may affect metals prices widely in coming days. The dollar sank to a near four-month low against the euro, spurring demand for dollar-denominated copper among buyers using foreign currencies as the contracts appear cheaper. Metals price have shone too many times in last two months. The forecast point to big numbers but the reports have had tendency to disappoint. Metals prices will witness proper direction after actual data is released today evening. Base metal prices were strong at London Metal Exchange on Friday morning. Lead futures lead the base metal pack. Lead futures rose by 1.65 percent to 2660 USD a tonne. Copper, Aluminium and Nickel also climbed to weekly higher range on Friday. Invest are a bit calmer and focusing on the long term prospects. It has been observed that Chinese buyers are still very quite even after price dropped from long peak. I am expecting a good movement after metals prices will be supported by volume buyers in world market.

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