Base metals fell on disappointing economic data

Source: Dukascopy Bank
Industry metals posted losses on Monday following downgrade of China's this year growth forecast and disappointing economic data from the EU and US. Weak equities also contributed to the downswing of the metals pack. Moreover, poor China's demand and stockpiling at the Shanghai Futures Exchange weighted down on metals' prices. Alumnium is likely to face further fall in price despite lower LME inventories while copper may drew some strength from strong spot demand. Zinc remained potentially the weakest metal in the group with record high stockpiles. Meanwhile, nickel was the worst performer as short and long term perspectives for the metal are bleak. China's export continued to fall while global nickel market is likely to face oversupply in the nearest future.


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