Dollar weakness in the past three days has indeed been a key driver of the copper price rise.
The real demand source is China, rather than Europe, but the country is rapidly alleviating its raw materials input problems.
Exits from the baskets could have a disproportionately larger impact on the less-liquid metal markets.
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.
People are positive on the demand side of these metals as the global economy grows. Falling inventories also help.
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.
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