Aluminum jumps on brighter demand perspectives

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were mixed on Wednesday, balancing between positive economic data releases from the EU and US and increased caution ahead of a G20 meeting due later in the week. Lack of China's demand also weighed. China's markets are closed this week for Chinese New Year holiday. Moreover, elevated LME inventories added pressure on base metals.

Aluminum was the top-performer after Rio Tinto reported its Gove aluminum refinery would continue operations. However, bloated LME inventories and China's demand uncertainty limited gains of the metal.

Copper finished Wednesday's session in the negative area as cancelled warrants at the LME declined, indicating weaker spot market activity. Moreover, anticipation of a G20 meeting and GDP data from the Eurozone pushed the red metal down.

Nickel inched up on positive data from the EU and US. However, rising LME inventories and firm greenback limited the bullishness in nickel prices.

Zinc dipped amid ongoing talks between zinc miners and smelters regarding refining charges. Adding pressure, LME stockpiles remained near a 17-year high.
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