LME Inventory:

  • Copper  DOWN    -475
  • Zinc    DOWN    -3050
  • Lead    DOWN    -2300
  • Nickel  DOWN    -726
  • Aluminum        UP      8750

Cancelled warrant ratio

  • Copper  UP       2.94
  • Zinc    DOWN     (0.29)
  • Lead    DOWN     (0.50)
  • Nickel  DOWN     (0.54)

IMPACT:

Base metals witnessed drawdown except Aluminum while the cancelled warrants have also declined and may continue to support downside. Copper warrants have surged and may restrict much downside. Overall base metals are likely to remain relatively weak while prices may recover in the evening session.

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