Commodities were on fire on Tuesday, save for the precious metals group, which ended mixed in fairly quiet trading. The most pronounced move occurred in base metals and oil; the former rocketed higher on account of fund buying, triggered by constructive charts and a weaker dollar, at least early on in the Asian session. Copper led the group, as it is benefiting not only from a breakout on the charts, but also from a number of sporadic strikes that are taking place in both Indonesia and Latin America. Other metals piggybacked on copper’s move, with nickel and zinc being particularly strong.
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