LME Inventory:

  • Copper  DOWN    -1450
  • Zinc    UP      5275
  • Lead    DOWN    -3500
  • Nickel  DOWN    -264
  • Aluminum        UP      9650

Cancelled warrant ratio    

  • Copper  DOWN     (0.61)
  • Zinc    DOWN     (0.34)
  • Lead    UP       0.38
  • Nickel  DOWN     (0.18)

IMPACT:

Base metals witnessed slight drawdown except Aluminum and Zinc and may continue to support downside. Further, the cancelled warrants have also declined apart from Lead and may continue to limit upside in base metals.Overall this inventory release is likely to have negative impact on base metals

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