Aluminum drops on weak US and China's PMI data

Source: Dukascopy Bank SA
Industrial metals were bearish on Tuesday tracking weak manufacturing data from the US and China released on Monday. China's manufacturing PMI reached 50.9 last month compared to a forecast of 51.6, while US final manufacturing PMI hit 54.6 versus an estimate of 55.0. China's property sector curbs coupled with instability in the Eurozone also put pressure on the base metals.

Aluminum sagged amid rising global supplies and high inventories at the exchange warehouses. Stocks at the LME climbed 7,375 tonnes last week to hover near a record high of 5.24 million tonnes. At the same time, an increase in cancelled warrants at the LME limited losses.

Copper dipped on weak manufacturing numbers from the US and China. Solid greenback and rising inventories also pushed the red metal lower. Stockpiles at the LME climbed 7,300 tonnes to reach almost a ten-year high last week.

Nickel and Zinc moved lower amid excessive global supplies. According to the recent data, global zinc and nickel markets were in surplus of 40,000 and 17,000 tonnes in January. However, zinc's decline was limited as cancelled warrants at the LME jumped 61% last week.
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