Industry metals were down amid disappointing GDP data

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Source: Dukascopy Bank
Base metals tumbled on Tuesday along with broadly stronger US Dollar and weaker equities. Industry metals were also pressured by disappointing GDP data from the EU and Australia that added to concerns over the global stagnation. Moreover, recent cut of China's economic expansion weighted down on the base metals pack. Aluminium continued to fluctuate on the high stockpiles at Shanghai warehouses and falling LME inventories. Meanwhile, copper may find support on the improved spot demand and Codelco's report on the 70% increase in investments into copper production due to expected tight demand. Nickel is likely to catch momentum on the better spot demand and declining inventories. At the same time, zinc remained one of the weakest metals in the group but supply concerns may provide fresh stimulus for the metal. disappointing


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