Aluminum rises on bottom fishing

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals jumped on Friday on improved sentiment after Cypriot lawmakers worked out the new plan to receive the bailout. Boosting the metals further, the US Dollar continued to slide against its major counterparts. However, rising LME stocks limited gains of the commodity group.

Aluminum surged on buying on the dips and prospects of production cuts. At the same time, elevated stocks at the LME and SHFE weighed on the metal. LME inventories rose 12,400 tonnes on Thursday, while those at the SHFE remained at record high.

Copper advanced on signs of resurfacing demand from China and easing concerns over Cyprus bailout. Meanwhile, climbing stocks at the LME kept a lid on copper. Copper inventories rose 5,025 tonnes on Friday to hover near a ten-year high.

Nickel was the top performer on hopes that China will increase its purchases before Indonesia imposes a total ban on nickel ore exports in 2014. However, persistent surplus on physical markets weighed on the metal.

Zinc moved higher, tacking gains of the commodity sector. Zinc also found support on increased cancelled warrants at the LME.
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