Base metals tumbled after pessimistic data from China and the US

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Source: Dukascopy Bank
Base metals apart from zinc tumbled on Monday along with pessimistic trade balance data from China and widening federal budget deficit in the US. The sluggish economic performance of China dampened traders' confidence in growth-sensitive assets. On the other hand, higher commodity imports in China, especially copper inflow, were supportive for the base metals pack. Copper was the top loser on Monday even despite strong spot demand and lower inventories at the LME warehouses. Meanwhile, aluminium came under additional pressure after former chairman of United Co. Rusal said that company faces 'deep crisis'. Nickel is likely to continue bearish trend on weak spot demand while zinc is expected to be bolstered by medium-term supply concerns.
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Tue, 13 Mar 2012 17:11:13 GMT

Agricultural commodities mixed after USDA report

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