Copper slides on elevated inventories

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals gave back their previous gains on Monday as market players lost enthusiasm for a Cyprus bailout deal. Investors focused on weak China's demand and elevated inventories at the LME and SHFE.

Aluminum finished in red as surplus on physical markets as well as a slowdown in China's imports put a lid on the lightweight metal. However, forecasts of a 7% growth in global aluminum consumption limited the downswing.

Copper dropped after Friday's data showed stocks at SHFE reached a 11-year high, while inventories at the LME remained near a 10-year high. Meanwhile, hedge funds and money managers raised their net short position in the red metal to a four-year high in the week ended March 19, reported CFTC.

Nickel tanked amid sluggish demand from alloy makers and high inventories. However, bargain buying and hopes for an increase in Chinas purchases restricted the downward trend of the metal.

Zinc retreated on profit taking after previous rally. At the same time, signs of strong spot demand at the LME supported zinc prices. Currently, cancelled warrants at the LME are maintaining above 60%.
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