Aluminum draws strength from rising energy costs

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Source: Dukascopy Bank
Industry metals closed mixed on Monday after staedy China's manufacturing PMI data that indicated  a rise  to 53.3, missing expectations of an increase to 53.6.

Aluminum gained 0.52 due to robust demand from Asia and persistently growing smelting costs as energy prices continue to soar.

Copper retreated from previous sessions' highs as more negative fiscal outlook on Spain and steady expansion of China's manufacturing activity weighted on the appetite for growth-sensitive commodities.

Nickel continued its downward trend, moving closer to the price level of late 2009 despite the fact that steel output grows faster than nickel's production.

Zinc found some support on the rise in the cancelled warrants ratio at LME. Moreover, the metal gained a spree after Nystar reported a 19% fall in nickel's output in Q1.


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