Industry metals tumbled on Tuesday on weak China's demand

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Source: Dukascopy Bank
Base metals slumped on Tuesday on the strengthening US Dollar and weaker equities. The commodity pack losses were also sparked by BHP Billion report that indicated sharp fall in China's ore and steel demand. Moreover, cut in the Australia's growth outlook pulled the industry metals down. Aluminium is likely to face downward move in the nearest future as China's demand slows. However, growing energy prices may create light stimulus for the metal. At the same time, copper may catch momentum on the improved housing market in the US and more optimistic Euro Zone outlook. Zinc remains potentially weak metal because of elevated inventory levels. Meanwhile, nickel was unchanged over the day but is expected to weaken on the cut in China and Australia growth forecast.


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