Industry metals, except for copper, advanced on Monday as potential monetary easing worldwide is likely to boost demand prospects for base metals. At the same time, negative news flow from Eurozone limited the upward trend of the commodity group.
Aluminum prolonged its rally on improving China's demand. However, high aluminum production levels in China capped the upswing.
Copper came under notable pressure after reports than Spain's economy continued to contract in Q2. However, the downside was limited by hopes for extra stimulus from the Fed and ECB.
Nickel was the best performer despite persistent surplus in the market. Better spot demand and expected easing measures lifted the metal's price.
Zinc was slightly higher as inventories dropped from 30-year high. However, traders were cautious ahead of China's PMI data release due on Wednesday.