Industry Metals

Source: Dukascopy Bank
© Dukascopy Bank
Industry metals except for copper tumbled on Wednesday on the firmer Dollar and weak equities. China's PMI data that indicated contraction weighted down on the metals and is likely to stay the main correction factor for the base metals price. Weaker than expected US housing market data also added to the negative mood of the commodity pack. At the same time, the Euro Zone PMI data are likely to be positive and provide stimulus for the metals. Aluminium was the top-loser at Wednesday's sessions while copper managed to climb slightly, being inspired by more optimistic economic situation in the Euro Zone. Zinc and nickel continued to face weak spot demand and high inventory levels that caped any upward move.

Interchange between copper and the Dow Jones-UBS Precious Metals Index (DJUBSPR) improved from 0.59 to 0.61 amid marginal changes in copper and precious metals pack. At the same time, red metal's connection to other base metals strengthened after the China's PMI data release late on Wednesday. Further, tie between copper and the Standard Poor's SP500 increased from 0.75 to 0.74 along with pessimistic US real estate market data.


© Dukascopy Bank
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.