Nickel lost 2% on Friday

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Base metals dropped on Friday despite positive data from the eurozone. Manufacturing activity across the single currency union contracted at a slower pace last month. However, increased caution among traders ahead of the US presidential elections due on November 6 weighted down on industrial metals.

Aluminum fell as global inventories remained elevated. However, recent encouraging news from China limited a downward trend of the light metal.

Copper was the top-loser amid mixed quarterly results of the top-producers. Newmont Mining's quarterly income plunged 26% while Inment's profits climbed 19%.

Nickel sank despite upbeat quarterly results of the US top steelmakers and better-than-expected PMI readings in the eurozone.

Zinc shed 0.79% as bloated global inventories coupled with caution ahead of the US elections sent the metal lower.
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