Copper drops; strong spot demand limits losses

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals apart from zinc were bearish on Wednesday on dismal US numbers. Recent manufacturing PMI releases that came worse-than-expected coupled with elevated LME inventories also continued to put pressure on base metals.

Aluminum extended previous losses amid increasing global production and rising stocks at exchange warehouses. Inventories at LME remained near a record high of 5.14 million tonnes on Wednesday.

Copper slid to an eight-month low on disappointing US figures and high inventories at LME warehouses. However, the red metal's losses were restricted by signs of strong spot demand. Cancelled warrants at the LME climbed 87% last week to reach more than a nine-year high.

Nickel prolonged its decline tracing losses of aluminum and copper. The metal also remained under heavy selling pressure amid high LME inventories and persistent surplus on the physical market.

Zinc was the only gainer on indications of solid spot demand. Cancelled warrants at the LME soared over 61% last week.
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