Nickel soared on potential China's demand increase

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Source: Dukascopy Bank SA
Industry metals except for aluminum advanced on Tuesday as hopes for easing measures in the US and solid world equities supported the base metals pack.

Aluminum was the only loser amid weak demand in China. Meanwhile, China's smelters continued to reduce capacity because of low prices and delivery problems.

Copper gained momentum on global easing hopes. FOMC meeting is expected to result in more accommodative monetary policy while China's advisers urge the government to relax real estate market restrictions.

Nickel was the top-performer on expected stimulus to the property market in China. However, recent Indonesia's ban on nickel ore exports to China resulted in elevating inventory levels that restricted the gains.

Zinc rose as conflicts between rival miners at Bolivian zinc mines persist hence production disruptions are possible.


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