Nickel fell on weakening China's demand

Source: Dukascopy Bank
Industry metals followed upward trend along with positive PMI releases from the US and China. China's HSBC PMI advanced from 48.3 to 49.3 in April but remained below the level of 50 that divides contraction from expansion.

Aluminum found support on the strengthening demand from Aero-space sector; however, expectation for 11% decrease in China's demand this year continued to weight down on the light metal's price.

Copper rallied after Copper Study Group reported that it projects US and China demand to increase by 3.9% and by 3.6% this year.

Nickel extended losses as China's consumption is likely to fall further. However, the metal may seek support on the rising global demand due to increased steel production.

Zinc managed to climb by 0.61% over the day as world's demand is expected to gain 1.1% in 2012 as lower zinc prices stimulate China' s bargain buying.


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