Aluminum soared after upbeat US numbers

Source: Dukascopy Bank SA
Base metals climbed on Thursday amid positive signals from the US economy. US GDP growth in Q3 was revised sharply upward, while US jobless claims fell in line with forecasts last week. Moreover, optimism over the US budget talks and expected acceleration in China's growth pace booted demand for riskier assets.

Aluminum was the top-performer on signs of potential shortage on physical market. Aluminum market, being in contango, makes storage more viable for the metal's holders. However, higher inventories at the LME warehouses and a fall in cancelled warrants weighted on the light metal.

Copper jumped on encouraging data releases from the US and expectations that supply shortage may extend to H1 of 2013. However, the red metal traded in a narrow range amid elevated stockpiles at LME.

Nickel inched up, tracking firmness of the base metals. At the same time, rising stocks at LME and improving supplies from Indonesia pressurized nickel price.

Zinc surged on positive US numbers and a sharp increase in cancelled warrants at LME warehouses.


Back to articles

Actual Topics

Fri, 30 Nov 2012 08:35:24 GMT

Japan approves stimulus measures worth 880 billion yen

Japan's cabinet approved a second round of stimulus measures worth 880 billion yen ($10.7 billion) to boost economy ahead of the elections in December.  The new package will be funded from the nation's budget reserves and is more than double the size of stimulus announced in October. The economy shrank at an annualized 3.5% yoy in the Q3, the most

Fri, 30 Nov 2012 09:10:23 GMT

Aussie falls ahead of RBA meeting next week

The Australian Dollar depreciated versus most of the major counterparts on speculation the RBA will lower the key rates next week to protect the economy from a slowdown in mining. The Aussie weakened to $1.0430 from $1.0435 yesterday. The currency is set for a 0.3% drop this week, whereas it climbed 0.6% this month. Australia's Dollar was at NZ$1.2669 from

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.