Copper rallied on upbeat PMI readings

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals rallied after encouraging China's PMI data. Chinese PMI rose to 50.2 from 49.80 last month, indicating that the country's manufacturing activity started to expand. Positive data from the US also spurred the rally. US manufacturing activity expanded at the fastest pace in five months while US private sector employment beat estimates in October.

Aluminum was the top-performer on brighter demand prospects from China. However, bloated global inventories capped the upswing of the light metal.

Copper jumped as market sentiment improved after encouraging PMI readings. Moreover, upbeat US labour market data lent additional support for the red metal.

Nickel extended previous gains on better-than-expected quarterly results of the US steelmakers and encouraging PMI readings.

Zinc rose as spot market activity improved. However, high global inventories continued to restrict gains of the metal.


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