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Nickel Inventory falls, metals retreat on growth concerns

FXStreet (Mumbai) - The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Nickel and Zinc. The data also showed a rise in the inventory levels of Copper and Lead.

Aluminium inventory continued its down trend, falling by 9425 tonnes today. Meanwhile, Zinc inventory and Nickel inventory declined by 1625 tonnes and 372 tonnes respectively. Inventory level of Copper and lead rose by 3025 tonnes and 25 tonnes respectively.

Lead prices have fallen to the lowest levels since May 2013 today on concerns of a global growth slowdown. Lead, on the LME, fell 1.2 percent, sliding for a third day, while Zinc retreated as much as 1.7 percent. Meanwhile, Copper declined by 0.4%, while the Nickel prices fell to the lowest level since March.

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