Aluminum jumps on brighter demand outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals, excluding nickel, jumped on Wednesday on brighter demand outlook in the US, China and the Eurozone. The Fed announced additional easing measures and linked interest rates to unemployment and inflation. Meanwhile, Eurozone's finance ministers agreed on banking union that may help to ease debt pressure in the region. However, elevated inventory levels at LME and weak data from Japan capped gains of the base metals.

Aluminum gained on hopes for stronger global demand. However, bloated stockpiles at LME continued to weight on the light metal. LME inventories dropped 0.39% in the week ended December 5, but remained near a record high of 5.2 million tonnes.

Copper climbed on expectations for robust demand in the US, China and the Eurozone. Weaker greenback also lent support to the red metal.

Nickel was the only loser amid rising exports from Indonesia.

Zinc rose, tracking the bullishness of the commodity group. However, high LME stocks limited gains of the metal.


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