Base metals declined on Tuesday after drop in industrial profits in China

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Source: Dukascopy Bank
Industry metals were mixed on Tuesday, being pressured by the US Dollar strength and weakness of the global equities. Falling industrial profits in China dented the traders' sentiment essentially thus limiting any upswings of the commodity group. Moreover, Ben Bernanke added to losses of the base metals pack saying that it was too soon to declare US victory while lower than expected consumer confidence and manufacturing data reinforced his words. Aluminum managed to gain 0.46% despite being pressured by expected surplus on the market this year. At the same time copper was steady amid high China's inventory level while nickel was the only loser on weak spot demand. Zinc was the strongest metal as inventory levels started to diminish.


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