LME Inventory:

  • Copper    DOWN    -2000
  • Zinc    DOWN    -8175
  • Lead    DOWN    -1075
  • Nickel  UP      204
  • Aluminum        DOWN    -5650

Cancelled warrant ratio        

  • Copper  DOWN     (0.68)
  • Zinc    DOWN     (0.70)
  • Lead    DOWN     (0.28)
  • Nickel  DOWN     (0.40)

INVENTORY IMPACT:

As expected, metal inventories witnessed drawdown except Nickel while the cancelled warrants have have also declined indicating lower downstream demand and may continue to weigh on gains

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