Aluminum rose ahead of China's leadership change

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals except for aluminum erased previous gains on Wednesday. Base metals came under heavy pressure as investors were cautious ahead of the US budget clashes and Chinese Communist Party Congress due on Thursday. Adding to the negative mood of the commodity group, the European Commission cut its growth forecast for the eurozone from 1% to 0.1% for 2013. It also lowered growth estimate for Germany from 1.7% to 0.8%.

Aluminum was the only gainer, adding 0.16%. The light metal found support on stronger substitution demand and application in alloys.

Copper slid on deteriorating global outlook and rising inventories at the LME-monitored warehouses.  Weak spot demand and stronger US Dollar also weighed on the red metal.

Nickel dropped on weak economic releases. At the same time, better spot market activity may lend support in the following sessions.

Zinc edged down amid elevated global inventories and weak fundamentals.
 


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Thu, 08 Nov 2012 09:30:24 GMT

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