LME Inventory:

  • Copper    DOWN    -1825
  • Zinc    DOWN    -2800
  • Lead    UP      275
  • Nickel  UP      1098
  • Aluminum        DOWN    -8225

Cancelled warrant ratio : 

  • Copper  DOWN     (0.30)
  • Zinc    DOWN     (0.26)
  • Lead    DOWN     (0.12)
  • Nickel  DOWN     (0.03)

IMPACT:

Metal inventories witnessed drawdown except Lead and Nickel while the cancelled warrants have also declined due to lower downstream buyers and may continue to limit gains in metals. Overall base metals are likely to remain mostly positive ahead of the ECB rate decision and wekeness might be witnessed incase the ECB fails to satisfy investor concerns

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