Copper slides as China's October output rises 8.6%

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Industrial metals were mixed on Wednesday amid weak numbers from the US and lingering concerns over whether Greece will receive the next bailout installment timely. Meanwhile, investors were also cautious ahead of Chinese leadership change due on Thursday.
 
Aluminum was the top-loser, halting two-day rally as support from brighter demand prospects in China faded. Disappointing US data coupled with concerns over looming fiscal cliff weighted on the light metal.

Copper retreated amid heavy supply-side pressure. China's copper output soared 8.6% in October, sending total production in the first ten months to a record level of 4.94 million tons.

Nickel rebounded despite global growth fears. The metal is likely to remain range-bound, balancing between export limits in Indonesia and lackluster global demand .

Zinc prolonged a rally as 60,700 tonnes were booked to be withdrawn from LME-monitored warehouses, weighting on global supplies.
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