Aluminum surged after upbeat German data

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Source: Dukascopy Bank SA
Industrial metals apart from nickel rose on Friday, boosted by weaker US Dollar and an unexpected increase in German Ifo business confidence index this month. However, the upswing was capped as investors awaited the IMF and European finance ministers' decision on Greek bailout.

Aluminum was the top-gainer on hopes for better demand in China. However, record inventories at global exchanges as well as rising world's output are likely to depress the metal's prices in long-run.

Copper climbed on better risk appetite after upbeat German data. Moreover, better-than-expected PMI releases from the US, Europe and China continued to support the red metal.

Nickel halted its rally, retreating 0.19%. However, speculation that previously expected surplus on the global market is unlikely to appear in short-term restricted the downward trend.

Zinc moved higher on hopes for better demand in China after the government substantially increased investments in infrastructural projects.


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