Industry metals fell on weak China demand and bleak EU outlook

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Source: Dukascopy Bank
Base metals tumbled on Thursday after the EC cut its growth forecast for the Euro Zone. Further, weak China's demand coupled with choppiness in the US Dollar both dampened the market sentiment. Aluminium futures dropped even despite increased cancelled warrants at LME. At the same time, supply concerns for copper from the renewed strike in Freeport's Grasberg mine and falling inventories at the LME warehouses limited loses of the red metal. Meanwhile, zinc is likely to fall further amid weak spot demand and record high inventories. Nickel also faced weak spot demand and may continue downward move.


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