Nickel declined on persistent surplus in the market

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Industrial metals slumped on speculation that China is not likely to ease its monetary policy as property prices rose again last month. However, weaker US Dollar provided slight support for the base metals.

Aluminum was the top-loser amid elevating inventories and weak investors' confidence.

Copper slid as hopes for easing in China started to fade. Moreover, recent price forecasts downgrades by the world major producers continued weight on the red metal.

Nickel dropped as market remained in surplus. Adding to the negative mood of the metal, spot market activity continued to deteriorate.

Zinc price depressed further amid high risk-aversion in the markets coupled with weak manufacturing data releases last week.

 

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