Copper dropped amid dismal manufacturing data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industry metals moved lower on Thursday on bleak global economic outlook. Weak manufacturing data also weighed on the base metals pack.

Aluminum dropped despite large production cuts that may result in scarcity in the market. Primary aluminum production contracted to 67,900 tonnes from 69,900 as weak prices led to closure of smelting facilities worldwide.

Copper continued its slump caused by deteriorating manufacturing state in the US and China. China's HSBC PMI and Philly Fed Manufacturing Index both dropped to 48.1 and minus 16.6 in June, respectively.

Nickel declined amid dismal economic data releases from both sides of the Atlantics. However, strong spot market activity pared losses of the metal.

Zinc tumbled on weak demand and elevating inventory levels. Moreover, bleak outlook on real estate market and infrastructure development are likely to pressurize the price further.


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