Nickel rose on better spot demand

Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals rebounded on Thursday despite on-going fears over the US fiscal cliff and weak eurozone's sentiment. Moreover, increased cautiousness ahead of the key China's economic reports due on Friday added pressure on the base metals. Meanwhile, traders turned their focus to the 18th Chinese Communist Party Congress, where a leadership change will take place.

Aluminum extended previous gains on improving substitution demand and application in alloys. However, bloated global inventories restricted an advance in the light metal.

Copper erased losses ahead of the Chinese CPI and industrial production figures due on Friday.

Nickel found support on better spot market activity and hopes for continuation of monetary stimulus in the US.

Zinc soared despite elevated global inventories and bleak demand prospects amid weakening world's economic outlook.


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