Copper advanced after US housing market data

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Source: Dukascopy Bank SA
Industry metals except for nickel rose on Monday after positive real estate data release from the US. However, persistent worries over financial health of the Eurozone limited the gains.

Aluminum regained strength on signs of US property market recovery. Moreover, recent slump in production may support the light metal due to potential shortage in the market.

Copper price was spurred by better demand outlook after US new home sales soared to two-year high. However, deepening crisis in the Eurozone capped the upswing.

Nickel disrupted previous rally on weakening China's demand. At the same time, escalated concerns over the Eurozone's economy after Spain and Cyprus applied for a bailout also weighted down on the metal.

Zinc followed copper's trend; however, the upward move is likely to be short-lived as inventories remain at record high levels and demand continues to weaken.
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