Zinc moves higher despite rising Australian output

Source: Dukascopy Bank SA
Industrial metals climbed on Tuesday ahead of key economic data releases due on Friday. Weaker US Dollar also provided support. However, a larger-than-expected decline in the US CB consumer confidence as well as increased caution ahead of Fed monetary policy statement capped gains of base metals.

Aluminum jumped on speculation that production cuts of Rio Tinto and BHP Billiton will result in significant reduction of global surplus. At the same time, elevated LME inventories weighed on the light metal.

Copper was bullish despite signs of increasing global output. Chilean copper production is expected to reach a record high of 5.6 million tonnes this year and 5.75 million tonnes next year, according to government's estimates. Moreover, the recent data showed African copper output rose 47% in Q3 of 2012.

Nickel was the top-gainer for the second consecutive session as output reductions of BHP Billiton and Rio Tinto may cut or even wipe out nickel surplus.

Zinc moved higher despite rising production in Australia. Recently, Xstrata has raised its zinc output forecast by 33% at its Lady Loretta mine in Australia. Production is likely to attain 1.6 million tonnes per year by 2016.
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