Copper dips on slowing China's demand

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Source: Dukascopy Bank SA
Industrial metals were mixed on Tuesday amid broadly stronger US Dollar and weak reading of the Empire State Manufacturing Index. Lingering concerns over the US debt ceiling debate also weighed on the market sentiment. At the same time, speculation that more pessimistic outlook on the global growth will stimulate easing measures by the world largest economies provided support for base metals.

Aluminum was steady, balancing between mixed US data and hopes for easing measures across the globe. Empire State Manufacturing Survey showed manufacturing activity in the New York region deteriorated in January. Bloated LME inventories also sent the light meal lower.

Copper eased on signs of weak China's demand. China's cooper imports shed 6.6% on a monthly basis in December. Meanwhile, LME stocks advanced by 10,255, or 3.19% last week, pushing the red metal lower.

Nickel was the only gainer despite persistent pressure from oversupply on the physical markets and rising LME inventories.

Zinc edged lower as LME stockpiles continued to hover near a 17-year high of 1,235,975 tonnes.


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