Zinc inches up on signs of strong physical demand

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Source: Dukascopy Bank SA
Industrial metals, excluding zinc, moved lower on Monday as worries over the lack of progress in the US fiscal negotiations outweighed positive flash PMI releases. Adding to the negative mood of the base metals, LME inventories remained at elevated levels last week. However, hopes for monetary policy loosening in Japan and softer US Dollar limited the downswing.

Aluminum dipped amid inflated inventories at LME warehouses. LME stocks hovered near a record high of 5.2 million tonnes last week.

Copper eased as support from upbeat PMI readings was short-lived. US fiscal concerns coupled with uncertainty over the Eurozone's demand created notable pressure on the red metal.

Nickel was the top-loser amid weak demand from China and rising nickel ore supplies from Indonesia.

Zinc edged higher on signs of improvement in physical demand at LME. The cancelled warrants ratio at LME remained above 51% last week, indicating a stronger  physical demand.


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