Zinc climbs on signs of strong spot demand at LME

Source: Dukascopy Bank SA
Base metals apart from copper were bullish on Wednesday on weaker US Dollar and soft demand for growth sensitive assets amid political instability in Italy. At the same time, mixed data from the US as well as high inventories at the LME and SHFE created pressure on industrial metals.

Aluminum traded higher as cancelled warrants at the LME increased, signaling an improvement in spot demand. Pushing the lightweight metal lower, stocks at the LME and SHFE hovered near a record last week.

Copper was the only loser as demand from China remained modest despite traditionally strong second quarter. However, the red metal may seek support on supply insecurity in Chile. Chile's Coldeco, the world's largest copper producer, rescheduled shipments because of strike at the Angamos port.

Nickel and Zinc moved higher despite elevated LME and SHFE inventories and persistent surplus on physical markets. Nickel was boosted by hopes that looming ban on nickel ore exports in Indonesia will spur demand. Zinc gained on an increase in cancelled warrants at the LME.
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