Shanghai Futures Exchange copper was up by 1.4 percent at 53,530 yuan ($8,434) a tonne on Friday while SHFE nickel rallied nearly 2 percent amid volatile trade as the dollar gained steam this week on rising expectations of US interest rate hikes, but prospects of demand were rosy given a healthy outlook for global economic growth. The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February and solid momentum in the economy.
Russian aluminium giant Rusal almost matched forecasts with a 42 percent jump in fourth-quarter core earnings on Friday, helped by higher aluminium prices, and said it saw a 5 percent increase in demand this year, pushing the market into a more than 2 million tonne deficit. *LME aluminium edged up by 0.3 percent. Prices are down around 4 percent YTD with China factories ramping up production as pollution-linked winter curtailments expire next month.
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