Commodities
LME Non-Ferrous Metal Inventories Plunge Across the Board
The London Metal Exchange (LME) non-ferrous metal inventories experienced a decline across all categories on August 5, according to data from SunSirs. Copper inventory fell by 6,525 tonnes, while aluminum dropped by 1,500 tonnes.
Nickel and zinc inventories declined by 96 and 200 tonnes respectively, and lead inventory plummeted by 3,325 tonnes. Tin inventory decreased by a relatively marginal 20 tonnes.
The significant drop in lead and copper inventory levels provided strong support for both spot and futures prices, bolstering the price trend. The slight destocking in aluminum, nickel, zinc, and tin also offered some support for their respective prices.