Aluminum retreats on elevated LME inventories

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Base metals apart from nickel dipped on Tuesday as traders were cautious ahead of the key US data releases due later in the week. Bloated LME inventories as well as uncertainty over the Eurozone's demand pushed the industrial metals lower. However, hopes for progress in the US budget talks capped losses.

Aluminum dipped on record LME inventories. Aluminum stocks advanced by 28,275 tonnes on Monday, approaching a record level of 5.2 million tonnes.

Copper plunged despite hopes for robust demand from the US and China. Elevated LME stocks continued to weight on the red metal. Copper inventories jumped 6.9% last week, reaching 0.27 million tonnes.

Nickel was the only gainer, tracking gains in global equities. Moreover, increased industrial demand as well as forecasts for lower supply glut lifted the metal.

Zinc eased amid higher LME stockpiles and ample global supplies. LME inventories edged down by 1,650 tonnes on Monday but remained near a 17-year high of 1.2 million tonnes.


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