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Copper inventory unchanged, Aluminium down by 4800

Metal inventory data from London Metal Exhchange (LME) today showed a decline in inventory levels of Aluminium, Lead, Nickel and Zinc. Meanwhile, Copper inventory remained unchanged.

Aluminium and Zinc inventory declined by 4800 tonnes and 2625 tonnes respectively. Lead inventory declined by 25 tonnes while Nickel declined by 84 tonnes. Moreover, Aluminium stock has been declining for past 30 days while Nickel stocks have been on the rise.

Metal prices, especially Copper, came under pressure after the release of weak German industrial production data earlier today. Copper for December delivery on New York Mercantile Exchange is trading 0.40% lower at USD 3.024/pound.

Copper technical levels

Copper has strong resistance of 3.03 (close of 8th June, 2014) while the support is located at 2.998. The intraday and the daily indicators are in favor of a further

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