Zinc flat on mixed fundamentals

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals were mixed on Thursday, with zinc and copper remaining unchanged and nickel and aluminum climbing. Encouraging manufacturing data from the US pushed base metals higher. Philadelphia-region's manufacturing activity indicated an expansion for the first time in six months in October.

Aluminum rose on larger-than-expected increase in manufacturing activity in Philadelphia. However, disappointing comments from POBC adviser that China will not receive huge liquidity boost weighted down on the light metal.

Copper was steady, balancing between positive data from US manufacturing sector and dismal US jobless claims figures.

Nickel climbed despite weak spot market activity and bloated inventories at the LME-monitored warehouses.

Zinc was unchanged on mixed fundamentals. Positive Philadelphia-region manufacturing data pushed the metal up while risk-aversion ahead of the EU summit results capped gains.


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