Zinc slid ahead of the US elections

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals plunged on Monday as investors focused on the US presidential elections due on Tuesday. Moreover, weaker-than-expected data from the US and UK services sectors weighted down on the market sentiment. Investors were also cautious as Greece is set to vote on new round of austerity measures to secure the next tranche of the bailout.

Aluminum retreated on mounting uncertainty over Greece. However, encouraging quarterly results of the auto makers as well as signs of stronger demand from aero-space sector may lift the metal in the next sessions.

Copper moved lower on weak China's demand and increased volatility ahead of the US presidential elections.

Nickel slumped despite improving spot market activity. The metal came under heavy pressure after worse-than-expected services PMI readings in the US and UK.

Zinc was bearish as global inventories remained at elevated levels.


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