Aluminum tumbles on high LME inventories

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Source: Dukascopy Bank SA
Industrial metals were bearish on Friday amid weak numbers from the U.S. and China's demand worries. Continuous surplus on physical markets as well as rising LME inventories also pushed the commodity sector lower. However, weaker U.S. Dollar lent some support to base metals.

Aluminum plunged despite a slight drop in LME inventories. Stocks at LME warehouses dipped 10,800 tonnes on Thursday but remained near a record high of 5.24 million tonnes. Concerns over China's demand as well as global supply glut also weighed on the metal.

Copper was the top-loser as the recent data showed Chinese imports of unwrought copper and products sank by annualized 29% to 967,632 tonnes in Q1. Adding pressure, LME inventories climbed 3,475 tonnes on Friday to reach the highest level in more than a decade.

Nickel dived amid elevated LME inventories and rising surplus on physical market. LME stocks climbed 678 tonnes on Thursday to reach all-time high.

Zinc sagged 2.04% amid weak global cues. However, an increase in cancelled warrants at the LME capped losses in zinc prices.
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