Aluminum inched up on weaker greenback

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Source: Dukascopy Bank SA
Industrial metals except for aluminum slumped on Tuesday as market sentiment remained weak amid political turmoil in Spain and Italy. Spain's PM Mariano Rajoy faced allegations of corruption and was called to resign by the opposition party. Meanwhile, uncertainty over Italy's general elections also weighed on risk appetite.

Aluminum was the only gainer, recovering some of the previous losses amid weaker US Dollar. However, weak numbers from the Eurozone as well as bloated LME inventories continued to weigh on the light metal.

Copper retreated amid renewed political woes in the Eurozone. However, the downswing was capped by signs of robust investment demand. The value of assets held in ETF climbed to USD48 million in the beginning of February, compared to USD16.4 million in the beginning of January.

Nickel slid amid elevated LME inventories. However, potential increase in demand from stainless steelmakers limited losses of the metal.

Zinc declined amid bloated LME stockpiles and pessimistic headlines from the Eurozone.
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