Copper sagged 0.55% after Fed minutes

Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals were bearish on Thursday amid escalated worries that the Fed may slow or even end its asset-purchasing program. Mixed data from the US labour market as well as increased caution ahead of final services PMI releases from the US and Europe due on Friday also weighed on the market sentiment.

Aluminum tanked amid firm US Dollar, elevated LME inventories and Fed minutes. LME stocks added 300 tonnes on Wednesday to hover near a record high of 5.24 million tonnes.

Copper eased as risk appetite among investors was weakened by the Fed comments and worries over a likely debates over lifting US debt ceiling. Also putting pressure on the red metal are high LME stockpiles. Stocks at LME added 450 tonnes on Wednesday to hit almost one-year high.

Nickel slumped on higher surplus on the physical markets. The International Nickel Study Group reported global nickel surplus reached 55,600 tonnes in the period between January and September 2012.

Zinc plunged, tracking weakness of the base metals complex and bloated LME inventories. LME stocks stood near a 17-year high last week.


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