Copper drops on US debt ceiling uncertainty

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Base metals were bearish on Monday despite hopes that the BoJ will announce additional easing measures at its meeting on Tuesday. Dampening the market sentiment, investors continued to monitor political developments across the US debt ceiling talks. At the same time, weaker US Dollar limited losses of industrial metals

Aluminum dropped despite weaker US Dollar and hopes for further easing in Japan. Bloated LME inventories continued to weigh on the light metal.

Copper finished in the red territory amid growing uncertainty over the US debt ceiling talks. Weak demand from China coupled with increasing inventories at the LME created heavy downward pressure on the red metal.

Nickel was the top-loser after the International Nickel Study Group reported that refined metal's production exceeded consumption by 68,000 tonnes in the first 11 months of 2012. At the same time, global market witnessed a shortage of 8,000 tonnes in the same period in 2011.

Zinc moved in sync with copper and aluminum, declining 0.1%. The metal remained under pressure as LME stocks remained near a 17-year high.
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Tue, 22 Jan 2013 09:44:05 GMT

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