Base metals mixed after Euro Zone's PMI data

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Source: Dukascopy Bank
Industry metals were mixed on Wednesday amid weak industry data releases from the Euro Zone. Copper, traditional driver of the metals pack, lost 0.17% as Collahuasi's copper mine resumed its operations. In addition, depreciating US Dollar and weak global equities continued to weight down on the metals' price. Aluminium was resilient to disappointing PMI data as the metal found support from the expected output cuts and improved demand from the aerospace and auto sectors in the US. At the same time, nickel's price is likely to decline further on the growing inventories. Zinc, the top gainer, may post losses in the nearest future as LME stocks increased and physical demand remains weak.


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Fri, 24 Feb 2012 06:09:46 GMT

Energy moved higher ahead IEA report

Energy commodities were mainly higher on Wednesday as geopolitical tensions continued to stimulate upward movement of the energy price. However, weaker than expected PMI releases and speculation that recent Greek bailout is not sufficient to rescue the country's economy limited the gains. Narrowing spread between the WTI and Brent oil also lent some support to the WTI crude oil prices.

Fri, 24 Feb 2012 06:09:32 GMT

Precios metals followed platinum's suit

Precious metals rallied on Wednesday amid broadly weaker US Dollar and weak PMI data releases from the Euro Zone. Platinum, the top performer, added 2.22% over the day and was the driver for other precious metals' gains. Platinum price was mainly bolstered by the expected output cuts. Impala Platinum Holdings announced it would halve April deliveries due to prolonged strike

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