Zinc fell amid global manufacturing weakness

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Source: Dukascopy Bank SA
Industrial metals were bearish on Friday amid persistent uncertainty whether Spain will apply for the next bailout and whether Greece will be granted more time to meet its deficit targets. Meanwhile, market players continued to anticipate key numbers from China scheduled to be released over the weekend.

Aluminum extended previous losses as Chinese smelters are expected to continue increasing output thus widening global aluminum surplus.

Copper shed 1.33% as the red metal's inventories at Shanghai warehouses soared 16% last week compared to the preceding week.

Nickel dropped as producers continued to report weaker results in Q3. Moreover, expected fall in steel demand also weighted down on the base metal.

Zinc prolonged its slump amid global manufacturing weakness. However, the metal may find support on speculation that India and China are planning to resume infrastructure projects.


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