Zinc rose as LME inventories eased down

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Base metals were mixed on Wednesday, with zinc and nickel climbing and copper and aluminum slumping. Lifting base metals' pack, China's PMI contracted less than expected in September. However, disappointing flesh PMI readings in the eurozone and unexpected drop in German Ifo Business Climate Index created heavy pressure on industrial metals.

Aluminum was the top-loser on high output in China and bloated inventory levels at the LME-monitored warehouses.

Copper inched down on weak numbers from the eurozone. However, hopes for additional stimulus from the BoJ and POBC limited losses in the red metal.

Nickel traded slightly higher, supported by strong data from the US property market.

Zinc advanced the most in the commodity group as LME inventories slightly declined. Meanwhile, investors remained cautious ahead of US GDP data release due on Friday.


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