Base metals slightly higher on weaker USD - ANZ

Analysts at ANZ noted that Base metals were slightly higher, with a weaker USD late in the session helping support prices.

Key Quotes:

"Fundamentals also played their part, with the market digesting the cut to guidance for output from major copper producers. BHP Billiton, Freeport and Antofagasta all lowered the outlook for copper production in 2017, citing disruptions at operations. Nickel bucked the trend in the sector, heading the session lower as sentiment remained weak. A major industry conference has seen participants discussing the recent supply disruptions, with a growing view that the impact will not be as great as originally expected. This comes on the back of muted demand from the Chinese stainless steel sector.

Iron ore prices edged higher as physical traders returned to the market amid a stabilisation in prices. The spectre of a slightly tighter seaborn market helped support spot prices. BHP Billiton and Rio Tinto both reported iron ore output had been impacted by heavy rainfall in Western Australia. The regions wettest summer saw rail lines flooded and ship loaders forced to suspend operations regularly."