Platinum dropped after price forecast cut

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Source: Dukascopy Bank
Precious metals moved down on Friday as turmoil in the Euro Zone and signs of economic slowdown in China dented safe-haven appeal of the commodity pack.

Gold drifted lower as positive economic data releases from the US faded hopes for new round of quantitative easing from the Fed. Meanwhile, demand from India remained weak after recent changes in import duties.

Silver followed bearish trend as weaker equities and global growth concerns weighed down on the white metal.

Platinum tumbled after Barclays cut its average platinum price forecast to 1,622 US Dollars per ounce.

Palladium, being the most growth-sensitive metal in the group, dropped after China reported larger than expected fall in industrial production.

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Mon, 14 May 2012 14:14:21 GMT

Aluminum slumped as earnings of United Rusal declined

Industry metals dived on Friday after China reported slower than expected expansion of industrial production. China's industrial output rose by 9.3% in April as compared to an expected increase of 12.1%.Aluminum declined by 0.02% after United Co. Rusal posted a 84% fall in earnings in Q1 as prices for the light metal slumped.Copper was the top-loser, moving closer to psychologically

Mon, 14 May 2012 08:24:23 GMT

Asian stocks closed mixed on China's and Euro Zone's data

Asian stocks closed mixed on Monday, being pressured by lingering concerns that Greece will leave the Euro Zone. However, China's cut of RRR for banks lent support to the stocks .Hong Kong's Hang Seng Index lost 0.35% while Australian S&P/ASX200 gained 0.09%. Meanwhile, Japan's Nikkei 225 Index increased by 0.10%.

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