Industry metals

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Source: Dukascopy Bank
© Dukascopy Bank
Base metals, excluding zinc, were depressed on Friday by weak China's demand and strong US Dollar. Fluctuating energy prices also added to the volatility of the industry metals pack. Aluminum was the top-loser during the day despite strong demand from South Korea and Japan. Copper continued to balance between record high inventories at the Shanghai Futures Exchange and more than two and half-year low stockpiles at the LME. Zinc, the only gainer, was bolstered by the improved automobile sales in the US. However, zinc remains potentially the weakest metal in the group due to all-times high inventories at the LME warehouses. Nickel mainly tracked copper and aluminum during the last week.

Correlation between copper and gold soared during last week from minus 0.09 to 0.38 on the instability of the energy markets that continued to impact precious and base metals. Copper's link with other industry metals edged lower amid appreciating US Dollar. Meanwhile, tie between copper and the Dow Jones Industry Average (INDU) fell from 0.41 to 0.21 following negative news from the Euro Zone.


© Dukascopy Bank
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Mon, 05 Mar 2012 16:05:14 GMT

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