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Aluminum surged on hopes for robust demand in the US after the country's lawmakers agreed on tax and spending reforms to avert so-called fiscal cliff. However, high aluminum production levels in China as well as record high inventories at LME continued to weight on the light metal.
Copper jumped after the US officials reached a fiscal deal. Positive PMI readings in the US and Europe also lifted the red metal. However, solid greenback coupled with elevated LME stockpiles capped gains of the red metal.
Nickel and Zinc followed common trend, advancing 2.94% and 4.26% amid optimism that US avoided potential recession. At the same time, bloated LME stocks continued to create heavy pressure on the metals.