Copper jumps after upbeat China's trade numbers

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Source: Dukascopy Bank SA
Base metals apart from nickel moved higher, being supported by broadly weaker US Dollar. Moreover, demand for riskier assets improved after upbeat China's trade numbers. A surge in exports of 14.1% year on year helped China's trade surplus to widen in December. However, weak US data  capped industrial metals' gains.

Aluminum was the top-performer amid weak US Dollar and encouraging Chinese data. Additionally, an expected rebound in global aluminum consumption continued to support the light metal. Alcoa forecasts aluminum demand to grow by 7% year on year in 2013.

Copper rose on positive China's figures. However, the red metal pared gains after dismal jobless claims data from the US. High LME inventories also restricted the upswing. LME stocks remained near one-year high on Thursday.

Nickel was the only loser, halting the previous rally as persistent surplus on the physical market created heavy pressure on the metal.

Zinc followed the overall trend of the commodity group, climbing 1.12%. However, a 17-year high LME stocks continued to limit gains of the metal.


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