Copper climbed ahead of Greek bailout deal

Source: Dukascopy Bank SA
Industrial metals apart from nickel moved higher on Monday, drawing strength from recent positive flash PMI releases from the EU, US and China. Moreover, weaker US Dollar coupled with optimism over Chinese economy pushed base metals higher. At the same time, persistent worries over urgently needed Greek bailout and looming US fiscal cliff capped gains of the commodity group.

Aluminum extended gains on brighter demand prospects in China due to signs of better economic performance of the country. At the same time, bloated inventories at global exchanges continued to weight on the light metal.

Copper jumped despite increased caution ahead of Eurogroup meeting's outcome. The red metal was boosted by weak greenback and hopes that Chinese economy is back on track.

Nickel was the only loser amid weaker stainless steel prices. However, speculation that the market will not witness surplus this year lent some support to the metal.

Zinc advanced despite elevated stockpiles at global exchanges and demand concerns amid looming fiscal cliff in the US.


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