Zinc slid despite signs of better physical demand

Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals except for nickel tumbled on Tuesday ahead of FOMC statement due on Wednesday. Upbeat economic sentiment data from the Eurozone  and softer greenback limited losses of the commodity group. However, positive signals failed to lift the commodity group as traders rushed to book profits after a previous price jump.

Aluminum tanked despite a slight decline in LME inventories. Stocks at LME-monitored warehouses eased 275 tonnes on Monday.

Copper declined amid profit-booking and mixed global equities. Elevated LME stocks also put additional pressure on the red metal. Inventories at LME rose 2.84% last week.

Nickel was the only gainer despite high stockpiles at LME warehouses. Nickel stocks at LME climbed 1.6% in the week ended December 7.

Zinc was bearish amid oversupply on the physical markets. Limiting losses of the metal, cancelled warrants ratio remained above 51%, suggesting an improvement in physical demand.


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