Base metals slumped on Thursday after EU PMI data

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Source: Dukascopy Bank
Industry metals tumbled on Thursday amid stronger US Dollar and weaker equities. The strongest downward pressure on the commodity pack was created by weak PMI releases from the EU and China. Improving manufacturing activity in the US failed to limit the losses. Alumnium and copper were the top-losers, showing high sensitivity to the economic conditions in the EU and China. However, increased China's spending on low-cost housing may create a spree for aluminium and nickel. Meanwhile, zinc continued to face weakening spot demand and high inventory levels at the LME warehouses.


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