The base metals were all green shoots on Friday. Copper started up in the pre-dawn hours and, except for a late morning downblip, maintained momentum through the day to finish at $2.0741/lb., up 6¼ cents.

Nickel was up all day, closing at its intraday high of $5.7281/lb., up 26 1/3 cents. Zinc also blasted to its intraday high of $0.6737/lb., up more than 3 cents. Aluminum gained modestly, ending at $0.6381/lb., up less than a half-cent, while lead added a penny and 2/3, to $0.646/lb.

Copper led the industrial metals higher, amid record Chinese imports and steadily declining inventories.

Also factoring in was the weaker dollar.

Word from Chinese customs yesterday was that imports of copper rose by 7% in April, as buyers replenished stockpiles. “The strength of Chinese import demand has been pretty phenomenal,” Kevin Norrish, of Barclays Capital in London. “We’ve seen that confirmed again in the import statistics.”

Inbound shipments of refined

OPEC may consider new 1 million bpd cut in March-source… Reuters poll shows OPEC makes 67 pct of pledged cut… Nigeria oil union threatens strike from Feb. 9…  U.S. crude stocks seen up for sixth straight time…

Oil prices climbed towards $41 a barrel on Tuesday after OPEC signaled it might deepen its record output cuts to help boost prices and drain bloated stockpiles.

OPEC’s president told Reuters the group could take more action when it meets on March 15. Later, an OPEC source said the group may discuss a 1 million barrel-per-day cut in addition to the 4.2 million in reductions agreed since September.

U.S. light crude for March delivery rose 73 cents to $40.81 by 1730 GMT, having fallen to $39.83 on Monday, the first time below $40 a barrel in three weeks. London Brent rose 53 cents to $44.35.

“Prices do seem