Copper inched up after upbeat US GDP figure

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Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals apart from copper slid on Friday despite encouraging US data. US GDP expended more than expected last quarter, boosted by sharp increase in consumer spending. Meanwhile, larger-than-expected decline in the US UoM consumer sentiment sent base metals lower.

Aluminum extended previous losses, dropping by 0.83%. The metal continued to remain under heavy pressure after China reported that its output rose by annualized 9% in September.

Copper was the only gainer as positive US GDP data reassured investors that that demand for the red metal is likely to strengthen.

Nickel and Zinc shed 0.78% and 0.11% amid weak spot market activity and bloated inventories at the LME and Shanghai warehouses. 


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