Aluminum rises on brighter China's demand outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals apart from zinc went higher despite weak data from the Eurozone. German factory orders dropped 1.8% in November compared to a forecast of a 1.4% decrease. However, expectations of strong China's data due on Thursday supported base metals.

Aluminum jumped on positive outlook on global demand. Alcoa predicts global aluminum consumption to grow 7% in 2013 as economic recovery in China drives demand for cars, cans and office equipment.

Copper rose despite elevated LME stocks. Inventories at the LME warehouses surged to the highest mark in 11 months, raising worries over physical demand for the red metal. LME stockpiles added 2.5% on Monday, approaching 327,371 tonnes, the highest level since February.

Nickel led gains, jumping 0.67% on hopes for robust demand from China. However, bloated LME inventories and oversupply on the physical market pushed the metal down.

Zinc was the only loser as high LME stocks created heavy pressure on the metal. LME inventories continued to hover near 17-year high on Tuesday.


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