Industry metals were higher on the weaker US Dollar

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Source: Dukascopy Bank
Base metals except for aluminium moved higher on Wednesday amid depreciating US Dollar and stronger equities. However, fall in the German manufacturing orders capped the upswing. Moreover, investors are focused on the Greek debt swap talks as it will determine whether the country will stay in the common currency union. Aluminium fell by 1.19% but the long-term forecast stayed bullish due to expected shortage in the market. Copper managed to gain 0.07% despite announcement of Chile's Minister of Mining that the country plans to increase its copper output in the next eight years. Nickel price grew on the low inventories at the LME warehouses. At the same time, zinc drew strength from jump in China's zinc imports and expectation on zinc's market tightening because of smelters' closures.


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