Zinc climbed despite a 137,000-tonne supply glut

Source: Dukascopy Bank SA
© Scanpix/Reuters
Base metals apart from nickel climbed amid signs of recovery of the global manufacturing activity. Flash PMI data suggested that manufacturing sector in China, the US and the Eurozone performed better-than-expected in November. Demand for riskier assets was also spurred by Angela Merkel comments that EU finance ministers may agree on the Greek bailout terms on Monday.

Aluminum gained, balancing between higher warrants ratio at LME and elevating inventories at the global exchange warehouses.

Copper rose amid firmness in global equities and optimism over Greek bailout talks. However, the upswing was limited as LME inventories continued to climb. LME stocks advanced by 8,900 tonnes last week.

Nickel was the only loser amid surplus on the physical market and bloated LME inventories. LME stockpiles added 2,646 tonnes last week.

Zinc inched up on an advance in cancelled warrants ratio at LME. However, the gains were capped as the recent ILZSG report indicated that global zinc market was in surplus of 137,000 tonnes in the period between January and September.


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