Base metals rallied on positive industry data

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Source: Dukascopy Bank
Base metals rallied on Wednesday amid strong manufacturing data from the US, the EU and China. Industry metals also found additional support on the weaker Euro. However, stockpiling of aluminum at the LME warehouses limited the gains for the metal. Copper and nickel may gather momentum on the expected supply disruptions as workers of BHP Billion may continue the strike in case they fail to agree with the management in the coming days. Zinc also gained on Wednesday amid better automobile demand on the lower energy prices.


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Thu, 02 Feb 2012 17:57:11 GMT

Energy fell after EIA report; strong PMI limited losses

Energy commodities, excluding Brent oil, tumbled on Wednesday after the EIA report indicated higher than expected oil stockpiles in the US. However, strong PMI data releases from the US, the EU and China limited the losses. Crude oil may gain support on the fresh developments over Iranian nuclear programme as the US officials consider imposing striker sanctions against Iran's oil

Thu, 02 Feb 2012 17:24:31 GMT

Precious metals bounced on strong PMI

Precious metals advanced on Wednesday amid broadly weaker US Dollar on the positive economic data from the Euro Zone. Gold jumped by 0.33, approaching two-month high of USD 1743.53 per troy ounce. The yellow metals also continued to draw support from the Fed's decision to keep low interest rates until mid-2014. Other precious metals followed the gold's suit and rallied

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