"Our analysis shows domestic consumption of copper, nickel and zinc should be starting to rise while in the case of aluminum it has stopped falling," said Christopher Stobart, joint managing director of CRU International.
Last week a senior Russian industry official put domestic aluminum consumption at 500,000 tons compared with an estimated 1995 output of 2.7 million tons. Stobart said aluminum consumption in the Soviet Union before its collapse was about 3 million tons a year.
"The stabilization or recovery in domestic consumption is a hopeful sign for those looking for reasons to take an optimistic view on London Metal Exchange prices," he said.
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