Nickel dropped amid high LME stocks, solid USD

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Source: Dukascopy Bank SA
Base metals except for nickel ended Thursday's session in green territory. Positive data from China's industrial sector supported the commodity group. However, the upward trend was limited due to lingering concerns that US lawmakers will not manage to resolve fiscal impasse timely. Moreover, dismal CB consumer confidence reading as well as weaker-than-expected US new home sales weighted on industrial metals.

Aluminum and Copper jumped on brighter demand prospects from China. The data showed that profits of Chinese industrial companies surged 22.8% in November on an annual basis, compared to October's increase of 20.5%. However, elevated inventories at LME-monitored warehouses coupled with strong US Dollar created notable pressure on the metals.

Nickel was the only loser on rising supplies from Indonesia and escalating LME inventories. Mixed US figures as well as solid greenback also pushed the metal lower.

Zinc was the top-performer as encouraging profits of Chinese industrial companies boosted industrial demand prospects for the metal.


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