Zinc dropped after Euro Zone's PMI release

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Source: Dukascopy Bank
Industry metals slumped on Wednesday after the Euro Zone's PMI showed contraction from 47.7 to 45.9 in April. Moreover, rocketing unemployment in the region that rose to 15-year high of 10.9% dampened risk-sentiment and sent base metals down.

Aluminum fell as China's demand is likely to slide this year. Meanwhile, the light metal may be bolstered by growing smelting prices.

Copper lost more than 1% amid deteriorating consumption perspectives worldwide taken slowdown in manufacturing activity in the major economies.

Nickel also was affected by the record weak manufacturing activity in the Euro Zone as well as the metal continued to face high inventory levels at the LME warehouses.

Zinc moved lower following the common trend of the commodity pack; however, the losses were limited as global demand is likely to improve by 1.1% in 2012.


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