Copper gained on upbeat German and US data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals apart from copper extended previous losses on Tuesday despite easing worries over fiscal instability in eurozone. Market players were cautious ahead of China's GDP data release due on Thursday. At the same time, upbeat reading of the US industrial production for September capped the downswing of base metals.

Aluminum dropped amid on-going concerns over global supply glut. Rising cautiousness among investors ahead of China's GDP reading also weighted down on the light metal.

Copper was the only gainer as German investors' confidence continued to ameliorate for the second consecutive month in October, suggesting that the analysts' outlook on the top-eurozone economy is improving. 

Nickel retreated amid weak quarterly results of the largest Chinese steelmakers.

Zinc shed 0.89% as global downside risks persist. Moreover, global surplus and weak demand added to losses of the metal.
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Wed, 17 Oct 2012 07:53:25 GMT

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