Industrial metals supported by falling LME inventories

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Source: Dukascopy Bank
Industrial metals soared amid depreciating US Dollar and decreasing inventories at the LME warehouses. Moreover, ABN AMRO expects nickel, zinc and aluminum to edge up in the Q1 of 2011. Base metals also continued to feel strong backup from the inspiring industry data from the US and the EU. However, the positive trend may be impacted by the growing concerns over the Euro Zone debt crisis. Copper followed the common suit and advanced 0.35% on Wednesday. Red metal's  price may be further supported by 32.3% monthly increase in China's apparent copper consumption. Nonetheless, falling cancelled warrants ratio and lower deficit on the market may create pressure on the copper's price in long term.
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