Zinc climbs despite elevated LME stockpiles

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Source: Dukascopy Bank SA
Industrial metals apart from aluminum finished in the positive area on Monday despite weaker-than-expected US factory orders reading. US factory orders increased 1.8% in December, compared to forecasts of a 2.3% jump. Dampening market sentiment, political turmoil in Spain resurfaced after PM Mariano Rajoy faced allegations of corruption.

Aluminum was the only loser amid broadly stronger greenback and disappointing US factory orders data. Elevated LME inventories also put pressure on the light metal. However, speculation that output cuts of the world's largest producers will narrow global surplus restricted losses of the metal.

Copper hit a four-month high on hopes that improving manufacturing activity in the US and China will boost demand for the red metal. However, political instability in Spain as well as potential weakness in physical demand from China ahead of its New Year holiday weighed on the metal.

Nickel and Zinc moved higher amid improved demand outlook in the US and China. However, the upswing remained capped by bloated LME inventories. Nickel may find additional support on potential increase in demand from stainless steelmakers.
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