Zinc declines despite rising cancelled warrants at LME

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Source: Dukascopy Bank SA
Industrial metals except for aluminum ended the week in the negative area after U.S. jobs data fell short of forecasts, spurring worries over the recovery of the world's largest economy. At the same time, rising cancelled warrants at the LME restricted a downward trend of the commodity group.

Aluminum was the only gainer amid increasing cancelled warrants and falling inventories at the LME. On Thursday, LME and SHFE stocks dropped 5,275 and 397 tonnes, respectively.

Copper sagged 0.46% on concerns over health of the U.S. economy and elevated LME inventories. LME stocks rose 6,850 tonnes on Thursday to reach more than a nine-year high. Meanwhile, workers at Chilean mines are striking to increase job security, creating a supply risk-premium for the red metal.

Nickel was the top-loser as global supply glut continued to weigh on the metal. According to the INSG, nickel market was in surplus of 17,000 tonnes in January. However, signs of strong spot market activity at the LME capped losses.

Zinc traded lower despite a combination of a decline in LME inventories and an increase in orders to remove the metal from the LME warehouses.
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