Zinc rallied despite bloated global inventories

Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals gained as risk sentiment improved after the BoJ eased its monetary policy. Moreover, Spanish economy contracted slightly less than expected, thus lending support for the base metals. Adding to a jump in base metals prices, US home prices rose slightly in August.

Aluminum rose after the International Aluminum Institute announced that global aluminum inventories slumped by 63,000 in September.

Copper climbed on positive data from the US property market. Moreover, hopes that China's PMI will jump this month supported the red metal.

Nickel advanced as US steelmakers unexpectedly reported upbeat profits in Q3 due to strong sales in Europe.

Zinc was the top-performer despite elevated inventories at the LME and Shanghai warehouses. Positive data from the US coupled with better China's PMI forecasts fuelled rally in zinc prices.


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