David Fuller's view 2011 was a bearish year for industrial metal prices. What can we say about them today? In recent Audios I have talked about initial evidence of support building.

Copper (monthly, weekly & daily) is leading the recovery. It shows support building similar to a number of stock market indices that have been testing or moving above their 200-day moving averages recently. Today's gains exceeded the early-December high and a break in the recent progression of lower rally highs would be required to question scope for a further recovery in coming weeks.

Aluminium (monthly, weekly & daily), nickel (monthly, weekly & daily) and Tin (monthly, weekly & daily) have similar patterns in that all three have steadied near prior lows and broken their near-term downward trends. Sharp setbacks, including retests of recent lows would now be required to offset current scope for sideways to higher ranging.

Lead (monthly, weekly & daily) and Zinc (monthly, weekly & daily) are lagging, although they have lost downward momentum in recent months. Nevertheless, breaks of the recent lows would further delay recovery prospects and rallies are required to offset the top-heavy characteristics best seen on the monthly charts.