Industrial metals plunged on Tuesday as recent global growth forecast cut continued to weight down on the commodity group. Dismal manufacturing reports from the US coupled with disappointing Mario Draghi comments also sent the base metals lower.
Aluminum was the top-loser as high inventory levels at the LME warehouses were exacerbated by potential dip in demand amid weak manufacturing g activity across the globe.
Copper slid on bleak demand prospects amid global economic slowdown. However, hopes that China will launch more incentive measures to boost growth restricted the downswing of the red metal.
Nickel prolonged its slump on poor demand from China and overall weakness of the global steel sector. Dismal manufacturing data releases from the US and UK also added pressure on the base metal.
Zinc continued to dip after the IMF cut global growth forecast for 2012 and 2013.