The metals on Asian bourses witnessed fresh rally resulting in renewed interest in stocks indicating a brighter outlook for stocks trading on bourses from Japan to Australia. Asian stocks futures gained upward moment.

The Asian market outlook turned positive ahead of data from Chinese industry. On the other hand, the surging US dollar against euro puts pressure on oil prices.

However, the short selling is underpinning the gains in metals. The decline in the Chinese industry profits and probe into short selling in the Chinese market are expected to limit the gains in stocks. 

Stocks futures in Asian region rose 0.1 percent on indications that Chinese government may take measures to boost metals. As a result, metals including copper, zinc and aluminum rose to their weekly highest levels. 

Adding to this positive trend, as per data by Bloomberg published in Yahoo Finance, the US index futures also rallied on Thursday (26 November).

Other markets are closed on account of Thanksgiving holiday. Oil price again eased in electronic trading. The US dollar against euro rose to seven-month high as investors are mulling over interest rate hike. 

However, Asian stocks further eased along with Yuan. After a brief recovery, metals again slipped into pressure as drop in Chinese industrial profits further widened the concerns about the Chinese economy. Chinese stocks on Hong Kong bourse fell for the fifth consecutive session amid government's probe into short selling. 

According to reports by Bloomberg, the easing tension between Russia and Turkey has resulted in drop in oil prices. Libya has announced the increase in oil production. The US equity index futures rose after the Thanksgiving holiday.

The US dollar rose 8-1/2-month high on Friday while the euro slipped to seven-month low as European nations expecting further stimulus from the European Central Bank (ECB).

On the other hand, Asian stocks were trading lower. Asia-Pacific index barring Japan marginally fell 0.5 percent registering the total loss for the week at 0.7 percent.

Shedding the early gains, as Reuters reports, Nikkei index fell 0.3 percent reducing the weekly gains to 0.2 percent. Shanghai Composite index fell 0.6 percent taking the total loss for the week 0.5 percent. DXY, the dollar index, against a basket of major global currencies was edged down to 99.852 from the 100.170, the highest since March.

The metals were leading the market gains as they propelled equities upwards in Europe, Canada and Asian stock markets. Markets analysts opine that China will announce measures to support the metals prices, which are under pressure following the short selling. 

The manufacturers of nickel and copper are meeting this week to discuss on ways and options to weather the slump in the commodities market. China's economy slowdown has been impacting the global commodities market more in a negative way this year.