Nickel jumps on positive PMI readings

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Source: Dukascopy Bank SA
Industrial metals were mixed, with nickel and zinc climbing and copper and aluminum retreating. Positive flash manufacturing PMI releases in the US and China were supportive for the commodity group. However, lack of progress in the US fiscal negotiations weighted on the base metals.

Aluminum tumbled on bloated LME inventories. LME stocks inched down 0.39% last week, remaining near a record high of 5.2 million tonnes. At the same time, hopes for robust demand from China limited the downswing of the light metal.

Copper dipped despite better demand outlook after positive manufacturing PMI releases from the US and China.

Nickel was the top-performer amid weaker greenback and upbeat PMI readings. However, sluggish demand from China coupled with improving nickel ore supply from Indonesia restricted the metal's advancement.

Zinc climbed on higher cancelled warrants ratio at LME warehouses. However, persistent surplus on the physical market capped gains. The global zinc surplus attained 157,000 tonnes in the first ten months of 2012, according to ILZSG.
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