Nickel rose amid potential Australian supplies fall

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Source: Dukascopy Bank SA
Industry metals skyrocketed on Tuesday after US factory orders posted stronger than expected gain of 0.7% in June.

Aluminum caught momentum on increased US vehicle sales and rising fuel efficiency awareness. However, the upswing was subdued by weak PMI releases in the beginning of the week.

Copper rallied on potential demand increase and supply worries. Newmont mining dispute in Peru is expected to weight on the red metal's supplies while easing hopes are likely to boost demand prospects.

Nickel gained 3.35% over the day amid potential fall in Australian nickel supplies after the country started to implement minerals tax.

Zinc futures increased as inventory levels started to decrease on improved consumption from Asian states.


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