Copper and zinc rally to five-week highs

Copper prices hit five-week highs on strong Chinese trade data, while zinc also gained ground as refined production in South Korea slips.

Copper three-month futures rose 0.7% to $3638 a tonne, the highest since January 31.

Earlier Chinese data showed exports and imports rose past estimates in the first two months of the year. 

Customs data also showed China’s crude copper imports rose 2.6% y/y in January and February.

Analysts also note that zinc surged to five-week highs at the London Metals Exchange as production fell by 20% at the Seokpo smelter in South Korea. 

Zinc hit a January 31 high at the London Metals Exchange at $2531.50 a tonne. 

Aluminum also rose 0.9% at the London Metals Exchange to $2254 a tonne, while nickel added 1.1% to $17910, as lead rose 1.7% to $2101, while tin rose 0.8% to $27415. 

Otherwise, the dollar index fell 0.4% as of 17:13 GMT to 102.9, with a session-high at 103.3, and a low at 102.8. 

On trading, copper May futures due in May rose 1.2% to $3.92 a pound as of 17:05 GMT.