Aluminum dropped ahead of China's PMI figure

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Source: Dukascopy Bank SA
© Scanpix/AFP
Base metals were mixed on Wednesday on encouraging news from China. The POBC pumped USD62.7 billion into financial system via reverse repos to ease liquidity conditions at the end of October. Industrial metals also received a boost after Greece approved its budget plan.

Aluminum was the top-loser despite improved spot demand. Aluminum inventories remained elevated in spite of a recent drop in global supplies.

Copper was bearish ahead of the closely watched China's PMI data due early on Thursday. However, rising optimism as Greece managed to lower spending pared losses of the red metal.

Nickel remained well-supported after US steelmakers announced an unexpected jump in Q3 profits, citing strong sales in Europe.

Zinc rallied on better spot demand. At the same time, elevated global inventories created a downside pressure on the metal.


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