Industry metals showed strong sesitivity to US data

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Source: Dukascopy Bank
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed  to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper indicate strong demand for these metals. However, investors are cautious before key industry data releases from China. In case the PMI signal expected contraction, the market may face selloff of base metals, unless China announces monetary policy easing.  


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