Nickel advanced despite supply glut

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Industrial metals rallied on Wednesday after news that the ECB is likely to announce an unlimited bond-purchasing program without capping the bond yields. Expectations of stimulus measures from the Fed and POBC also buoyed the base metals group.

Aluminum remained well-supported by strong vehicle sales and mounting easing hopes. The light metal also found support on lower inventory levels at the LME warehouses.

Copper jumped on stocking expectations that the ECB is preparing to implement stimulus measures to boost economy. However, weak Eurozone's retail sales data capped the upswing of the red metal.

Nickel climbed amid global hopes for easing measures. However, the metal continued to face persistent pressure from oversupply in the market.

Zinc rose despite supply glut and weak economic data releases from the Eurozone. Meanwhile, broadly weaker greenback lifted the metal.

 

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