Industrial metals advanced on Tuesday on optimism over the Eurozone and hopes for easing in the US and China. Experts claim that the EU leaders are likely to grant Greece an extension of period needed to adjust budget program.
Aluminum gained 1.63% despite rising stockpiles and weak confidence. The light metals found support on positive headlines from the Eurozone and US.
Copper rose to four-week high on weaker US Dollar and hopes for global easing. Adding to the positive mood of the commodity, China's city, Chongqing, may invest USD236 billion in development of major industries.
Nickel rose by 1.77% ahead of the US existing home sales data due on Wednesday. However, the upswing was capped as global nickel markets continued to remain in surplus.
Zinc jumped on improved risk-sentiment after successful Spain's debt sale. At the same time, weak demand created notable pressure on the metal.