This year the base metals have started on a mixed note, as China has failed to emerge strongly from its Lunar holiday. For example, construction markets still look weak in mid-February, although more bullish is that there has been a strong rebound in travel by passenger car and metro in key cities, according to high frequency data. Despite this confused backdrop, we have a bullish view on copper, aluminium and tin, while we are bearish on nickel and zinc. We explain why in this short video.

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