Aluminum moves lower on elevated LME inventories

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Source: Dukascopy Bank SA
Industrial metals declined on Tuesday as risk sentiment remained weak despite better-than-expected reading of German investor confidence indicator. Recent data showing that the Eurozone's economy fell into deeper than expected recession continued to weigh on growth sensitive assets. Adding pressure, China's demand may remain weak until March when factories reopen after holidays.

Aluminum dived amid elevated LME inventories. LME stocks climbed 11,700 tonnes on Monday to hover near a record high of 5.24 million tonnes. At the same time, signs of improving spot demand limited the downswing.

Copper sagged 0.85% amid choppiness in global equities and firmness in the US Dollar. Concerns over recession in the Eurozone and high LME inventory levels also pushed the red metal lower.

Nickel slid on worries over surplus on the physical markets. International Nickel Study Group reported that nickel market attained a surplus of 68,000 tonnes in the period between January and December 2012.

Zinc was steady amid expectations for robust demand from China and high cancelled warrants ratio at the LME.
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