Aluminum sank on gloomy US corporate reports

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AFP
Industrial metals tumbled on Friday on dismal corporate earnings reports from the US and uncertainty over eurozone's rescue fund. Weighting down on the base metals' pack, US existing home sales fell by 1.7% last month, signaling that US economy is far away from full recovery.

Aluminum lost 2.23% during risk-off trading after the largest US companies reported weaker-than-expected results for Q3. However, slightly better spot market activity limited losses in the light metal.

Copper was the top-loser on weak news from the US. Moreover, the red metal came under additional pressure after Shanghai inventories approached  five-month high last week.

Nickel was bearish as spot demand remained subdued. Disappointing data from the US also weighted down on the metal.

Zinc dropped by 1.87% at the LME on lack of positive results from two-day EU summit.


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