Nickel dropped as eurozone fell into recession

Source: Dukascopy Bank SA
Industrial metals apart from zinc declined amid lingering concerns over global demand prospects. The eurozone's economy fell back into recession in Q3, while the number of unemployment claims in the US soared last week. Moreover, Philly Fed manufacturing index plunged to minus 10.7 in November, indicating that manufacturing conditions in Philadelphia-region deteriorated this month.

Aluminum lost 0.3% on dismal reports from the eurozone and US. However, the drop  was limited as China's state plans to purchase about 100,000 tonnes of the light metal from domestic smelters.

Copper was flat after the data showed that the eurozone fell into recession. At the same time, the red metal found support on hopes for better demand in China as state is increasing metals' inventories.

Nickel was the top-loser amid weak spot market activity and bleak global demand prospects.

Zinc was the only gainer on signs of stronger China's demand. China's state is set to buy 100,000 tonnes of the metal to replenish its stocks.


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