Aluminum surged on US optimism

Source: Dukascopy Bank SA
Base metals were bullish on Thursday amid encouraging data from the US labor market coupled with soft greenback. However, gains were capped as market players were cautious ahead of China's trade numbers due on Friday.

Aluminum rose on optimism over the US economy. At the same time, expectations of larger supply glut continued to push the lightweight metal lower. On Wednesday, Sumitomo Corp. lifted its forecast for global surplus to 866,000 metric tonnes, the largest oversupply since 2011.

Copper jumped on combination of positive US data and weaker US Dollar. Limiting the upside, China's demand seems to be weak amid rising domestic inventories. Stocks at the Shanghai Futures Exchange attained a one-year high this month.

Nickel moved higher on hopes China will increase purchases ahead of Indonesian ban on nickel ore exports due to come in force in 2014. However, rising LME stockpiles continued to weigh on the metal. Inventories at the LME soared 5,052 tonnes last week, hovering near the highest level since 2010.

Zinc edged up amid slightly lower stocks at the LME and higher canceled warrants ratio that signals on improvement in spot market activity.
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