The real demand source is China, rather than Europe, but the country is rapidly alleviating its raw materials input problems.
Mine supply in zinc remains very constrained. Zinc is the one metal that deserves a re-rating based on physical demand and supply characteristics alone.
People are positive on the demand side of these metals as the global economy grows. Falling inventories also help.
Dollar weakness in the past three days has indeed been a key driver of the copper price rise.
The economic background to metals is therefore supportive, but metals also have the additional price driver of extensive activity by investment funds. Ongoing investment into commodities by broad-based global funds remains very strong.
Oil has been a key driver because it's a big part of the commodity baskets like Goldman Sachs index. Oil is making these baskets perform, which is making people buy the baskets.
Exits from the baskets could have a disproportionately larger impact on the less-liquid metal markets.
