Nickel slid as global demand remains weak

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals moved lower on Monday as global economic outlook continued to deteriorate. Uncertainty over whether Spain will apply for a bailout and whether Greece will be able to meet its austerity targets created heavy selling pressure on riskier assets. However, speculation that the BoJ will announce stimulus measures at its meeting on October 30 limited losses of base metals.

Aluminum dropped as producers are not planning to cut output despite increasing global supply glut and weakness in the light metal's prices.

Copper was the top-loser as doubts over US economic recovery pushed the red metal lower.

Nickel slumped on signs that global nickel market remains weak. China's output fell 5.8% in September on a monthly basis due to soft demand. Moreover, BHP Billiton, the world's third largest nickel producer, cut jobs at Australian Nickel West division, citing weak demand for the metal.

Zinc futures declined amid stockpiling at the LME and Shanghai warehouses.


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