Nickel surged on signs of stronger demand

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Source: Dukascopy Bank SA
Base metals rallied on Monday on rising hopes that the Fed will keep its monetary policy loose as the US economy has not strengthened enough yet. However, dismal economic data releases from the Eurozone and Japan restricted an upward trend of industrial metals. Meanwhile, elevated inventory levels at LME-monitored warehouses also weighed on the commodity group.

Aluminum surged on better demand outlook in the US due to expected continuation of easing in the country. However, the upswing remained capped as China's aluminum consumption grew by 5% less than a year earlier in the period between January and September.

Copper jumped on speculation that the Fed will stick to its monetary policy. At the same time, high inventories at LME limited gains of the red metal.

Nickel soared for the second consecutive session amid a sharp increase in canceled warrants ratio at LME and hopes for easing in the US.

Zinc climbed on better physical demand. However, bloated stockpiles at LME continued to weight on the metal.


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