Copper fell after poor services PMI releases

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Source: Dukascopy Bank
Industry metals followed a downward trend on Thursday after pessimistic non-manufacturing PMI releases from the US and China.

Aluminum decreased after Rio Tinto announced it plans to sell four Aluminum plants by September because of low profits and growing energy costs.

Copper declined as new orders index in the service sector fell from 58.8 to 53.5. Moreover, traders are cautious as it is still uncertain whether Indonesia imposes a tax or ban totally mineral-ore exports.

Nickel was unchanged; however, the metal may be pressured by weakening demand from steel producers due to increased usage of substitutes.

Zinc tracked losses of the base metals pack, declining by 1.81% at LME. Weak spot demand and pessimistic fundamentals also weighed on the metal.


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