The three-month aluminium and nickel contracts on the LME fell as economic data from China disappointed investors. China’s industrial output was up 6.4% on year in July but was below the market expectation and lower than the rise of 7.6% in June. China is the largest consumer of most base metals and lower-than-expected industrial production raised fears of fall in demand for the metals. However, zinc contracts on the London bourse gained as stock levels at the LME and Shanghai warehouses fell recently and China's steel production rose 10.3% on year in July to 74.02 mln tn.Zinc is used as a major raw material in the production of stainless steel.
Source : Newswire
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