Aluminum plunged despite production cuts

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Source: Dukascopy Bank SA
Industry metals, except for zinc, plunged on Thursday on decreasing risk-appetite among traders as the EU summit has not generated clear response to deepening crisis in the single currency union yet.

Aluminum was the top-loser despite sharp production falls in Asia and Australia. Alcoa announced large labor force reductions in Australia aimed at cost-cutting in view of weak aluminum prices.

Copper inched down after Germany reported that its unemployment rate rose last month. Soaring borrowing costs in Spain also pressurized the red metal's price.

Nickel moved lower amid mixed signals from the US. US consumer spending and export data missed expectations while jobless claims declined last week.

Zinc was the only gainer on improved spot activity; however, high inventory levels continued to cap the upside.


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