Copper dips on renewed US fiscal concerns

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Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals except for nickel slumped on Tuesday on renewed worries over the US fiscal cliff after Ben Bernanke stated that an end of tax breaks and spending cuts may lead to recession. However, upbeat US housing data as well as optimism over Greek bailout talks limited the downswing. Meanwhile, traders remained on the sidelines ahead of the key PMI figures due later this week.

Aluminum sank amid global supply glut. At the same time, the metal may find support on speculation that China is likely to restart metals' stockpiling.

Copper dipped on peaking production in China and worries over US demand. Moreover, caution ahead of the PMI releases due on Wednesday and Thursday weighted on the red metal.

Nickel was the only gainer despite bloated inventories at the LME and weak stainless steel prices. LME inventories soared 47.6% on year-to-date basis.

Zinc slumped on elevated global inventories and weak spot market activity.
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