Nickel slumped the most since 2011 in London as investors judged a rally that lifted the metal’s price as much as 56 percent this year to be exaggerated.
Zinc may rise to the highest since September 2011 if prices are able to break out of a so-called double-top formation, according to technical analysis by INTL FCStone Inc.
Palladium futures rose to a 33-month high as South African supply concerns spurred demand for exchange-traded products backed by the metal used in jewelry and pollution-control devices in cars.
Copper futures capped the longest slump in four weeks amid concern that demand will slow in China, the world’s biggest metals consumer.
Copper fell from an 11-week high in London on signs of slowing economic growth in China and the U.S., the biggest users of the metal.
Nickel prices in London fell for the first time in two weeks, snapping the longest rally since 2010, as industrial metals slumped amid concern that the economy will falter in China, the world’s biggest consumer.
"For gold to move substantially higher, it has to see more turmoil in the Ukraine either in the way of a widening conflict, or barring that, additional sanctions being imposed."
- Edward Meir on Aug 29, 2014