Zinc moves higher ahead of China's data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals advanced on Thursday despite an unexpected contraction of manufacturing activity in Philadelphia region. Base metals complex found support on better-than-expected numbers from the US job and housing market. Meanwhile, market players continued to anticipate Chinese data releases due on Friday.

Aluminum climbed, tracking gains of the US equities. However, the upswing was limited by bloated LME inventories. LME stocks remained near a record high of 5.24 million tonnes despite a Wednesday's fall of 3,275 tonnes.

Copper soared on hopes that China's data will come better-than-expected. However, dismal manufacturing figures from Philadelphia region as well as a recent drop in China's copper imports put pressure on the red metal's prices.

Nickel and Zinc finished the session in the green territory, following copper's upward trend. Capping gains, LME stocks remained at elevated levels and physical markets continued to witness surplus. Meanwhile, the metals may find support on hopes for positive numbers from China due on Friday.


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