Nickel fell but supply concerns capped downswing

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Source: Dukascopy Bank SA
Industrial metals fell on Friday as weak industrial production figures from France and Italy coupled with mounting concerns over the US fiscal cliff created heavy pressure on the commodity group. Meanwhile, investors were cautious ahead of the Greek budget vote due on November 10.

Aluminum shed 0.21% on global economic fears and elevated inventories at Shanghai and LME-monitored warehouses.

Copper plummeted as market sentiment remained weak amid worries over the US fiscal cliff. However, speculation that China's leadership change will spur easing measures was supportive for the red metal.

Nickel declined on lackluster spot market activity and weak demand from alloy industries. However, news that Indonesia, the world's top-producer, will maintain its export restriction may provide a supply risk-premium for the metal.

Zinc was the top-loser amid high global inventories and subdued demand for infrastructural projects.


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