Nickel surged on hopes for lower surplus in 2013

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals were bullish on Tuesday after Eurozone's finance ministers and the IMF agreed to release urgently needed Greek bailout tranche. Positive economic data from the Eurozone and US also spurred a rally of base metals. Capping the upswing, the US Dollar appreciated against its major counterparts despite renewed concerns over looming fiscal cliff in the US.

Aluminum advanced for the third session in a row amid climbing energy costs and easing oversupply pressure. International Aluminum Institute reported that world's unwrought aluminum inventories slumped 1.37% in October on a monthly basis.

Copper moved higher on better demand for riskier assets after Greece's lenders eased bailout terms and released next part of financial aid.

Nickel rebounded amid downward revisions of surplus on the physical markets next year.

Zinc climbed on a sharp increase in cancelled warrants at LME warehouses and firmness in base metals' pack.


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Wed, 28 Nov 2012 10:13:29 GMT

Aussie stays lower before data on capital expenditure growth tomorrow

The Australian Dollar stayed lower after a decline yesterday on speculation data tomorrow will reveal a stagnant capital expenditure growth, clouding the outlook for the nation's economy and the Aussie. Australia's Dollar bought $1.0447 after dropping 0.2% yesterday to $1.0446. It fell 0.4% to 85.50 yen. The New Zealand Dollar touched 82.10 U.S. cents from 82.03 and traded at 67.19

Wed, 28 Nov 2012 09:52:18 GMT

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