Aluminum soared after upbeat US numbers

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Base metals climbed on Thursday amid positive signals from the US economy. US GDP growth in Q3 was revised sharply upward, while US jobless claims fell in line with forecasts last week. Moreover, optimism over the US budget talks and expected acceleration in China's growth pace booted demand for riskier assets.

Aluminum was the top-performer on signs of potential shortage on physical market. Aluminum market, being in contango, makes storage more viable for the metal's holders. However, higher inventories at the LME warehouses and a fall in cancelled warrants weighted on the light metal.

Copper jumped on encouraging data releases from the US and expectations that supply shortage may extend to H1 of 2013. However, the red metal traded in a narrow range amid elevated stockpiles at LME.

Nickel inched up, tracking firmness of the base metals. At the same time, rising stocks at LME and improving supplies from Indonesia pressurized nickel price.

Zinc surged on positive US numbers and a sharp increase in cancelled warrants at LME warehouses.


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