Copper rose as strike in Chile threatens shipments

Source: Dukascopy Bank SA
Industrial metals were bullish on Wednesday ahead of China's HSBC flash manufacturing PMI release due on Thursday. Experts predict PMI to expand to 51.2 from 50.4 in the previous month. Moreover, decision of the Fed to leave its loose policy unchanged supported the commodity sector.

Aluminum rose on expectations of production cuts and rising premium paid on the physical market amid lack of metal available for immediate delivery. At the same time, elevated inventories at the LME and SHFE restricted gains.

Copper bounced off seven-month low on stronger demand for risky assets after the Fed left its policy unchanged. Pushing the metal higher, a strike in Northern Chile is resulting in shipment delays that may spread to other ports in the country.

Nickel soared as cancelled warrants at the LME rose signaling an increase in physical demand. At the same time, surplus on the physical market and rising stocks limited an upward trend of the metal.

Zinc traded higher amid weakness in the US Dollar and higher cancelled warrants ration at the LME. Meanwhile, zinc stocks at the LME dropped 2,225 tonnes on Tuesday after jumping 9,000 tonnes last week.
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