Copper rose on hopes for better demand from China

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals extended previous gains on Friday despite weak data releases from the US and Eurozone. Fading optimism over Greece also weighted. Moody's believes that the debt burden of Greece is unsustainable even after the country's bailout terms were eased. Base metals found support on expectations that Chinese PMI expanded more than forecast last month.

Aluminum gained 1.45% amid rising energy costs and falling unwrought aluminum stocks on the global market. At the same time, elevated inventories at LME warehouses continued to create notable pressure on the light metal.

Copper advanced on hopes that Chinese PMI expanded to 50.8 in November versus previous month's reading of 50.2. Expectations for improvement in China's demand also pushed the red metal higher.

Nickel climbed despite bloated stocks at LME. Nickel inventories rose 1.4% to 136,386 metric tons, the highest since January 2011.

Zinc jumped on a sharp increase in cancelled warrants at LME in the last few days. Cancelled warrants ratio remained at 51% of all stocks on Wednesday.
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