Zinc advanced despite high inventory levels

Source: Dukascopy Bank SA
Industry metals were mixed after OECD cut its global growth forecast, citing instability in the single currency union. Moreover, weak manufacturing data from the US added pressure on the commodity group.

Aluminum fell despite potential supply cuts caused by low prices. Norsk Hydro already started negotiations with its Australian smelter aimed at halting aluminum production.

Copper managed to climb by 0.1% on hopes that China's consumption will recover in the second half of 2012 due to expected easing measures.

Nickel was the top-loser after reports that its output is likely to soar by 10% in the next five years while consumption growth is expected to slow to 8%.

Zinc was the top-gainer despite oversupply in the market and rising stock levels at Shanghai warehouses.


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Wed, 23 May 2012 13:02:47 GMT

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