Aluminum drops on weak US and China's PMI data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were bearish on Tuesday tracking weak manufacturing data from the US and China released on Monday. China's manufacturing PMI reached 50.9 last month compared to a forecast of 51.6, while US final manufacturing PMI hit 54.6 versus an estimate of 55.0. China's property sector curbs coupled with instability in the Eurozone also put pressure on the base metals.

Aluminum sagged amid rising global supplies and high inventories at the exchange warehouses. Stocks at the LME climbed 7,375 tonnes last week to hover near a record high of 5.24 million tonnes. At the same time, an increase in cancelled warrants at the LME limited losses.

Copper dipped on weak manufacturing numbers from the US and China. Solid greenback and rising inventories also pushed the red metal lower. Stockpiles at the LME climbed 7,300 tonnes to reach almost a ten-year high last week.

Nickel and Zinc moved lower amid excessive global supplies. According to the recent data, global zinc and nickel markets were in surplus of 40,000 and 17,000 tonnes in January. However, zinc's decline was limited as cancelled warrants at the LME jumped 61% last week.
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

订阅
欲了解更多有关杜高斯贝银行差价合约/外汇交易平台，SWFX和其它相关交易详情，
请致电我们或要求回电。
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
欲了解更多有关杜高斯贝银行差价合约/外汇交易平台，SWFX和其它相关交易详情，
请致电我们或要求回电。
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.