Aluminum dropped amid growth concerns

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Source: Dukascopy Bank
Industry metals were impacted by the global growth worries after disappointing services PMI releases as well as sluggish recovery of the US labour market.

Aluminum was the top loser amid broadly stronger greenback and weaker world's equities. However, the light metal may seek support in the improved spot demand and higher smelting costs.

Copper dropped by 0.66% as spot demand remained weak while China's copper production indicated a 2.6% slump in April.

Nickel managed to add 1.68% over the day despite expected increase in supplies as Lockerby Nickel Copper mine resumed its operations after the government halted the production due to safety concerns.

Zinc's rally is likely to be short-lived as spot demand deteriorated while political instability in the Euro Zone may add pressure on the growth-sensitive commodity.


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