Nickel sank on rising global supplies

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals prolonged their slump on Tuesday after Moody's cut its credit rating on five Spain's regions. Weakness of global equity markets coupled with disappointing quarterly results of the US largest companies sent base metals lower. Meanwhile, traders continued to await flesh PMI readings due on Wednesday.

Aluminum slid as China's aluminum output stood by 9% higher than average level in September.

Copper remained under notable pressure as deteriorating global outlook and uncertain demand prospects weighted down on the red metal.

Nickel sank amid global growth fears. Moreover, Mirabela Nickel raised its nickel production by 27% in Q2, adding to the global surplus.

Zinc lost 0.48% as inventories across the globe remained at elevated levels. From the demand side, the metal may find support on potential increase in the number of infrastructural projects in China.


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