Nickel climbs despite weak fundamentals

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Source: Dukascopy Bank SA
Industrial metals were mixed on Wednesday as risk appetite weakened ahead of the ECB press conference due on Thursday. Concerns over the US debt limit dispute also weighed on the market sentiment. Adding to losses of base metals, German industrial production increased by 0.2% in November versus a forecast of a 1.1% jump.

Aluminum extended previous gains on hopes for robust demand. Alcoa predicts global consumption of the light metal to grow by 7% this year due to a rebound in demand from China. However, record high inventories at the LME continued to restrict the upswing.

Copper was steady ahead of the key Chinese data release due on Thursday. Adding pressure on the red metal, LME inventories remained at elevated levels. LME stocks climbed by 7,975 tonnes on Tuesday, hitting almost one-year high.

Nickel was the top-gainer despite weak fundamentals. Nickel market remains in surplus while Indonesia continues to increase production.

Zinc moved lower amid a 17-year high LME stocks and solid greenback.


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