Aluminum slumped as earnings of United Rusal declined

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Source: Dukascopy Bank
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 significant level of 8,000 US Dollars per ton. Meanwhile, the red metal may seek support on the tight supply conditions in China; Shanghai copper inventories fell by 13% last week.

Nickel was the only gainer due to short-term supply concerns as Vale reported leakage in its plant in New Caledonia. The force majeure may result in supply disruptions.

Zinc lost 1.07% as Peru announced its production rose by 2.91% in March on an annualized rate.


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