Copper and aluminium connection weakens

Source: Dukascopy Bank
© Dukascopy Bank
Copper's alternation with zinc and nickel remains relatively stable at about 0.72 while interdependence with aluminium dropped sharply on Thursday from 0.69 to 0.57 as aluminium price faced pressure from all-times high aluminium stocks at LME warehouses. Meanwhile, copper's tie with the Dow Jones Industrial Average (INDU) tumbled to the lowest level in the last month of 0.34 as stock index was impacted by the weak economic data in the US. Correlation between copper and the pair EUR/USD jumped from 0.52 to 0.62 over the day as the Euro gained against the USD on the more optimistic outlook on the Euro Zone.

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