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.
Nickel prices rose, extending the longest rally in 42 months, as Goldman Sachs Group Inc. said the price is poised climb an additional 12 percent because of limited supplies.
"Gold will likely enjoy a measure of stability at least in the early part of the week on account of the deteriorating situation with Russia and the expected stiffer round of sanctions being contemplated by the Europeans."
- Edward Meir on Jul 27, 2014