Aluminum jumps on US optimism

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AFP
Base metals soared on Monday on improved sentiment as the US is expected to escape budget clashes and find a compromise on looming tax hikes and spending cuts. At the same time, the upswing remained capped as traders were cautious ahead of Greece's bailout talks due on Tuesday. 

Aluminum climbed on optimism that the US policymakers will avert fiscal cliff. However, the metal remained a subject to a heavy pressure as global inventories remained at record high levels.

Copper gained on the US fiscal hopes and weaker greenback. However, rising China's production coupled with uncertainty over the next tranche of Greek bailout limited gains in the red metal.

Nickel surged on improved spot market activity and positive news from the US. Softer US Dollar and strong global equities also pushed the industrial metal up.

Zinc advanced as US existing home sales surpassed forecasts. Moreover, hopes that the US will avoid fiscal cliff sent zinc prices higher.
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