Base Metals Plunged on Profit-Taking. Aussie Reversed Gains

Base metals declined across the board with copper and nickel prices sank more than -4%. The selloff was mainly driven by year-end profit-taking, using an excuse of inventory increase. The LME copper contract, for delivery in March, slumped to 2 months' low of 6507.5 before settling at 6 543, down -4.51%. The latest data shows that copper inventory in LME warehouse rose 10.65K tonnes to 192.55K tonnes.

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Base Metals Plunged on Profit-Taking. Aussie Reversed Gains