Nickel moves higher on easing oversupply concerns

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals except for nickel slumped amid escalated concerns over the eurozone after the Eurogroup meeting resulted in no decision on the next Greek bailout installment.  Moreover, recent Ben Bernanke comments that fiscal cliff may lead to recession created heavy selling pressure on the commodity group.

Aluminum declined on combination of rising output, especially in China, and falling consumption amid weak manufacturing activity worldwide.

Copper dropped despite better-than-expected US flesh PMI data and hopes for easing measures in Japan. Solid US Dollar and worries over looming fiscal cliff in the US sent the red metal lower.

Nickel was the only gainer for the second straight day despite weak stainless steel prices. The metal drew strength from speculation that expected surplus in the market is unlikely to appear in the short-term.

Zinc tanked amid solid greenback and concerns over US budget clashes. However, signs of recovery in China's property market and larger China's investments in infrastructural projects limited losses in the base metal.


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