Base metals moved higher on Wednesday on hopes for stabilization in the Eurozone and weakness of the US Dollar. However, the upswing was capped by weak UK quarterly GDP data release.
Aluminum was almost flat, balancing between weaker greenback and higher China's output. Adding pressure on the light metal, Norilsk Nickel reported a quarterly loss caused by closure of Australian smelters.
Copper jumped after ICGS announced that world's red metal's market was in deficit of 384,000 MT in the first four months of 2012. However, rising output from Peru limited the upside.
Nickel was the top-performer amid improving spot market activity. Even persistent oversupply in the market failed to create notable pressure on the metal.
Zinc inched up despite 30-year high inventory levels worldwide. Softer US Dollar and optimism over the Eurozone's fiscal state both lifted nickel futures.