Copper jumps on upbeat US figures

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Source: Dukascopy Bank SA
Industrial metals were mixed on Tuesday amid upbeat US numbers and dovish comments by Ben Bernanke. New home sales soared to the highest level since July 2008 in January, while consumer confidence rose more-than-expected this month. Adding to gains, Ben Bernanke's comments alleviated worries that the Fed may withdraw its bond-buying program.

Aluminum remained in the negative territory amid global surplus concerns. Aluminium Institute reported that global output jumped 5.7% year-on-year in January mainly due to a surge in China's production. Moreover, global supply glut may be further exacerbated by signs of soft demand in the US.

Copper continued to gain inspiration from expected increase in China's demand. China's copper consumption is likely to grow 8% in 2013, creating a global deficit of 6,000 tonnes, according to Goldman Sachs Group Inc.

Nickel declined amid subdued demand from alloy producers and elevated LME inventories.

Zinc was the top-performer amid a slight decline in the LME stocks. Positive headlines from the US also sent the metal higher.
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