Aluminum sank despite potential demand increase

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Source: Dukascopy Bank SA

Industry metals except for copper declined on Thursday ahead of China's GDP data release due on Friday. At the same time, unexpected increase in the Eurozone's industrial production in May provided slight support for base metals.

Aluminum plunged despite potential industrial demand increase after Alcoa signed a deal worth USD1.4 billion with Airbus.

Copper managed to end the day on the positive territory as optimistic  industrial output data from the single currency union boosted the red metal.

Nickel tumbled amid weak demand and reduction of output capacity by major producers. CaNickel Mining Ltd plans to stop operations at Bucko Lake Nickel mine.

Zinc closed with modest loss on Thursday as spot demand at LME strengthened slightly. However, lingering worries over global demand pushed the metal lower.

 

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