LME Inventory:

  • Copper  DOWN    -4250
  • Zinc    DOWN    -550
  • Lead    DOWN    -1600
  • Nickel  UP      348
  • Aluminum        DOWN    -9325

Cancelled warrant ratio

  • Copper  DOWN     (3.00)
  • Zinc    DOWN     (2.10)
  • Lead    UP       1.00
  • Nickel  DOWN     (0.39)

IMPACT:

Metal inventories witnessed drawdown except Nickel while the cancelled warrants have slightyl increased for Lead and may limit downside. Other metals warrants have declined mainly Copper and Zinc and would weaken prices due to falling spot demand. Overall, the inventory release is likely to have negative impact on base metals in the session ahead.

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