Aluminum rose despite weak factory orders data

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Industrial metals apart from nickel surged on Tuesday despite weak German factory orders data. Germany's factory orders dropped 1.7% in June while analysts expected a 0.8% decline. However, easing speculation supported base metals' pack.

Aluminum was the top-gainer on improved risk-sentiment after the ECB moved closer to fresh bond-purchasing program.

Copper balanced between slight decline in inventories and a fall in cancelled warrants at the LME. Meanwhile, traders were cautious ahead of key China data releases.

Nickel was the only loser amid oversupply in the market. However, stronger spot demand provided  support for the metal.

Zinc rose on better spot demand and lower inventory levels. Additionally, hopes for easing from the ECB and Fed spurred zinc price.

 

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