Nickel dropped amid bleak demand prospects

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Industry metals declined in a choppy session ahead of the FOMC meeting due on Wednesday. Moreover, weak imports data from China and spiking borrowing costs in Spain and Italy weighted on base metals.

Aluminum lost 0.68% amid strong greenback and global growth fears. However, Alcoa predicted stronger demand in the next quarters thus bolstering light metal's price.

Copper declined as recent 17.5% drop in China's copper imports continued to weight down on the red metal.

Nickel futures decreased on dismal demand prospects. Moreover, CaNickel Mining announced that it will continue to halt operations at Bucko Lake Nickel mine in view of low prices.

Zinc slumped as global manufacturing activity remained weak. At the same time, hopes for further easing in the Eurozone and China restricted losses of the metal.

 

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