Copper rose on production cuts

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Source: Dukascopy Bank SA
Industry metals rallied on Thursday despite weak manufacturing data from the Euro Zone, China and the US.

Aluminum closed slightly higher due to tumbling supplies as major producers started to cut down the output levels in view of low prices. Henan, largest aluminum producing province in China, reduced capacity by 700,000 tons in the recent months.

Copper also faced production cuts as Chile's Codelco lowered its output by 10% thus supporting gains of the red metal. Moreover, expectations for easing measures in China as PMI contracted this month boosted the red metal's price.

Nickel was the top-gainer, following copper's rise. However, the rally was capped by expectations for oversupply in the market in the next five years.

Zinc tracked gains of the commodity pack and rose by 0.37% despite rising global stockpiles as China and Australia increased output levels.


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