Zinc soared on China's easing speculation

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

Base metals were mixed after long-awaited ECB decision to purchase an unlimited amount of short-term debt to cut borrowing costs of peripheral Eurozone's nations. However, the ECB lowered its expansion estimates for Euro area, thus pushing growth-sensitive commodities lower.

Aluminum posted a mild gain, balancing between the ECB decision and Euro area growth forecast cut. Meanwhile, persistent surplus in the market added pressure on the light metal.

Copper moved lower despite positive news from the US job market and lower inventories at the LME warehouses.

Nickel declined on potential fall in demand as workers at Arcelor Mittal's US steel are planning to protest over employment contract.

Zinc was the best-performer on speculation that China may ease its prudent monetary policy to boost economic growth.

 

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