Copper rose as China spot market tightened

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Source: Dukascopy Bank
Industry metals were mixed in choppy trade on Monday as LME was closed for holiday. Base metals came under additional pressure after elections in Greece and France.

Aluminum declined amid weak European equities and deteriorated outlook on the Euro Zone's recovery. Broadly stronger US dollar also weighed on the light metal.

Copper closed slightly higher as spot market in China tightened after the country reported on a 2.6% fall in the red metal's output last month. However, gains were restricted by the ongoing concerns about spreading debt crisis in the Euro Zone.

Nickel advanced at the evening trade amid optimism about bailout of Spanish banks. However, the metal may be weakened as Lockerby Nickel copper mine resumed its operations, removing supply risk premium for the metal.

Zinc followed bearish trend as spot demand deteriorated. Uncertainly over the Euro Zone crisis also weighed on the metal.


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