Metals Updates 12.07.12

LME Inventory:

• Copper   DOWN    -975
• Zinc    DOWN    -2075
• Lead    DOWN    -775
• Nickel  UP      384
• Aluminum        DOWN    -10650

Cancelled warrant ratio

• Copper  UP       4.67
• Zinc    UP       0.45
• Lead    UP       0.24
• Nickel  UP       0.04

Inventory Update  Impact :Metal inventories witnessed slight drawdown except Nickel while the cancelled warrants have increased for all metals indicating increased physical downstream demand and may have positive impact on base metals futures