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Nickel stocks rise

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

Aluminium inventory continued its down trend, falling by 9975 tonnes today. Meanwhile, Zinc inventory and lead inventory declined by 1575 tonnes and 350 tonnes respectively. Nickel is the only metal whose inventory rose by 1014 tonnes.

Copper prices have recovered today on hopes that fresh Chinese stimulus measures would increase the demand for the metal from the world’s largest consumer of Copper. The prices may also get boost as the inventory level at LME declined by 100 tonnes today.

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