Nickel rallies on hopes for smaller global surplus

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals moved higher on Monday on upbeat reading of the US durable goods orders. US durable goods orders soared by a seasonally adjusted 4.6% in December, compared to expectations for a 1.8% increase.

Aluminum inched up on hopes that signs of economic recovery in the US will spur demand for industrial metals. However, the upward trend remained limited due to bloated LME inventories and solid greenback.

Copper gained on positive release of the US durable goods orders. At the same time, the red metal continued to face pressure from rising global output and soft China's demand during holiday season.

Nickel rallied on expectations that BHP Billion and Rio Tinto production cuts may significantly reduce or even wipe out forecasted surplus of 43,000 tonnes this year. Both Rio Tinto and BHP Billiton are likely to write down nickel assets because of high production costs and lower prices.

Zinc advanced despite rising output in Australia and a fall in cancelled warrants at the LME. The metal also came under additional pressure from a record high LME inventories.
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