Zinc gained despite persistent supply glut

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Base metals apart from zinc moved lower on Friday amid worries that China's economy continues to slow down. Sending industrial metals lower, German factory order plunged 1.3% in August, confronting forecasts of a 0.5% decline.

Aluminum retreated ahead of the key industrial data from Germany due on Monday. Even slight decline in LME inventories failed to push the light metal up.

Copper slumped on global growth concerns. However, positive data from the US capped the downswing of the red metal.

Nickel fell on persistent supply glut and weakness of the global steel sector. Nickel's  oversupply is likely to rise further next year due to increasing production from China.

Zinc was the only-gainer despite persistent pressure from elevated inventory levels and global economic slowdown.

 

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