Aluminum jumped on rising China's demand

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Source: Dukascopy Bank SA
Industrial metals except for nickel advanced on Tuesday despite lingering concerns over the eurozone. Market players were jittery after the eurozone's finance ministers postponed Greek bailout decision to November 20. Moreover, looming US fiscal cliff and lack of easing measures in China created pressure on the commodity group.

Aluminum was the top-performer, drawing strength from hopes that more tenders will follow after China's State Reserves Bureau issued a tender to buy 160,000 tonnes of the light metal.

Copper climbed but remained near 12-week low amid concerns that US may fall into recession after upcoming tax hikes.

Nickel was the only loser as elevated LME inventories outweighed Indonesia's supply concerns.

Zinc edged higher after about 60,700 tonnes were booked to be withdrawn from LME-monitored warehouses, thus tightening the metal's supply.


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