Base metals were pressured by US Dollar strength

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Source: Dukascopy Bank
Industry metals faced persistent pressure after FOMC minutes that indicated Fed unwillingness to start the next round of the quantitative easing. Base metals pack also faced bearish trend as US Dollar appreciated against its major rivals while equities weakened. Copper was among the top-losers after poorly subscribed Spain and Italy auction that escalated worries over the Euro Zone's recovery. Alumnium was weakened by copper's fall coupled with  growing inventory level at LME warehouses. Zinc traded with a negative bias as spot demand remained weak whereas nickel is likely to decline further as INSG reported a 7,100 tones surplus in January.


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