Nickel rallies as stainless steelmakers restock

Source: Dukascopy Bank SA
Industrial metals finished the week in the green territory amid positive US manufacturing numbers and weaker US Dollar. Moreover, China's PMI indicated expansion despite being slightly below market consensus.

Aluminum moved higher on encouraging data from the US and China. However, aluminum remained under heavy pressure as LME stocks hovered near a record high of 5,24 million tonnes.

Copper jumped to a four-month high on signs of improving manufacturing activity in the US and China. Pushing the red metal higher, copper stocks monitored by the Shanghai Futures Exchange plunged to a two-month low last week.

Nickel was the top-performer, attaining a three-month high as stainless steelmakers are expected to stock up the metal amid more positive global economic outlook. Cancelled warrants at the LME jumped in January indicating a decline in inventories.

Zinc climbed on weaker US Dollar and expectations for robust demand from China. However, bloated LME inventories continued to put pressure on the metal.
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