Nickel slides despite BoJ policy decision

Source: Dukascopy Bank SA
Industrial metals apart from nickel surged, being boosted by stimulus measures from the BoJ and weaker greenback. However, dismal US data releases capped the upswing. Also weighing on the commodity group was increased caution ahead of US debt ceiling decision due on Wednesday.

Aluminum advanced as risk appetite improved after the BoJ announced stimulus measures to boost faltering economy. At the same time, the light metal remained a subject to a heavy pressure from bloated LME inventories, which hovered near a record high of 5.24 million tonnes on Tuesday.

Copper moved higher on improved market sentiment and softer US Dollar. However, rising output in China cut gains of the red metal. China's production of refined copper soared 22% in December to approach 580,000 tonnes.

Nickel retreated despite encouraging news from Japan. An unexpected drop in Richmond Manufacturing Index as well as bloated LME stocks sent the metal lower.

Zinc climbed on higher cancelled warrants at the LME warehouses and weak greenback. However, global surplus as well as a 17-year high LME stocks limited gains of the metal.
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