Base metals tumbled on escalated concerns over the global economic stance

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Source: Dukascopy Bank
Industrial metals fell on Tuesday along with weaker global equities and lingering global economic concerns. Advancing Spanish and Italian debt yields added to worries about the necessity of new bailouts in the region. Moreover, elevating US and China's inventories signaled on the softer demand for base metals from the major consumers. Aluminium mainly traced falling equities while copper continued to face inventory stockpiling in Shanghai and the LME. At the same time, zinc was only marginally lower as its tumble was restricted by medium-term supply concerns.  The largest mines are likely to be exhausted by 2013 thus halving the world's total output. Meanwhile nickel's demand stayed strong but disappointing economic releases weighted down on the metal.


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