The prices of LME base metals closed at the high level. Copper futures rose by 2.5%, continuing the recent rebounding trend, and nickel three-month futures soared to the highest level in two and a half year. The weak US dollar of metal prices was much cheaper for overseas buyers.

Copper three-month futures increased by US$175/ton to close at US$7,163/ton on February 14th, which was the highest level in a week and closed to a four-year high of US$7,312.50/ton hit last month.

On February 14th, the copper inventories edged up and the price was up by more than 5%. Regarding nickel three-month futures, it broke the long-term downtrend. The surge in the imports from China, tight supply and the interest of marketing fund were expected to support the nickel price.

Chinese financial markets would be closed due to Chinese New Year, and the trading would resume on February 22nd. Therefore, the marketing activity slowed.

Economists mentioned that RMB currency ratio against US dollar would erase purchasing strength in the market since the beginning of the year with overall rebounding trend.