Zinc rebounds but elevated LME stocks cap gains

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Source: Dukascopy Bank SA
Base metals except for nickel moved higher on Friday as a recent slump in prices provoked short-covering among market players. Positive US data releases also were supportive for industrial metals. However, persistent pressure from concerns over the next year's US budget continued to weight on the commodity group.

Aluminum rebounded from previous lows despite elevated  LME inventories. LME stocks climbed to a record high of 5.24 million tonnes last week.

Copper edged up ahead of Christmas holidays. However, the red metal remained under heavy pressure due to uncertainty over the US fiscal policy and high LME stockpiles.

Nickel was the only loser amid bloated LME stocks and solid greenback. Moreover, rising nickel ore production in Indonesia coupled with bleak demand prospects added to losses of the industrial metal.

Zinc climbed, tracking aluminum's and copper's advancement. At the same time, persistent surplus on physical market and high LME stocks restricted the upswing.


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