Aluminum rises ahead of China's data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were bullish on Monday on positive German industrial production data. Moreover, weaker greenback coupled with copper mine workers strike in Chile lent support to the commodity group. Meanwhile, market participants were cautious ahead of the key China's numbers due on Tuesday and Wednesday.

Aluminum climbed as rising cancelled warrants at the LME signal on strong spot market activity. Moreover, a recent decline in inventories at the LME and SHFE sent the lightweight metal higher.

Copper rallied on escalated supply concerns in Chile. Copper-mine workers in Chile will go on nationwide strike on Wednesday to demand greater job security. However, money managers do not expect an increase in price as their net short position hit the highest level since 2006.

Nickel and Zinc advanced as cancelled warrants at the LME continued to rise, implying an increase in spot demand. At the same time, both metals remained under pressure amid elevated LME inventories and persistent surplus on physical markets.
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