Zinc slides as global surplus weights

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals apart from aluminum moved lower on Monday as market sentiment remained under notable pressure amid upcoming US debt limit dispute. Moreover, investors were cautious ahead of the ECB press conference due on Thursday. Elevated LME inventories and global demand insecurity also weighed on base metals.

Aluminum was the top-performer amid  weaker US Dollar. However, a record-high LME inventories of 5.24 million tonnes capped gains of the light metal.

Copper eased 0.17% on lingering concerns over the US debt ceiling talks. Moreover, profit-taking after a sharp increase in prices on US fiscal deal also added to losses of the red metal.

Nickel slid on persistent surplus on the physical market and elevated LME inventories. Rising production in Indonesia also sent the metal lower.

Zinc prolonged its slump amid excessive supply on the physical markets. International Lead and Zinc Study Group reported the global zinc surplus attained 157,000 tonnes in the first ten months of 2012.


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