Base metals fell after credit downgrades

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Source: Dukascopy Bank
© Dukascopy Bank

Base metals faced losses after rally in the beginning of the week as Standard and Poor's credit ratings cuts in the Euro Zone increased fears over recession in the region. Aluminium was the top loser on Friday, tumbling 0.83% over the day. However, aluminum price may find support in expected metal's supply shortage. Industrial metals opened higher on Monday with cooper traded close to 10-week high amid expectations of the near-tern monetary easing in China. The jump in copper price is likely to stimulate prices for other base metals that tend to follow copper's lead.

 

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Mon, 16 Jan 2012 16:50:33 GMT

FTSE flat on Monday

After closing week 0.5% down at 5,636.64 on Friday, UK FTSE 100 Index extended loss on Monday, falling to 5,620.3 in morning trade. The index recovered later and was trading flat at 5,641.84. The financial sector posted main drops after S&P agency's downgrading with Barclays giving up 2.1% and Lloyds Banking Group declining 1.9%. Carnival PLC plunged 17% on Costa

Mon, 16 Jan 2012 16:49:21 GMT

Aluminium faced stronger relations with base metals, S&P 500 and EUR/USD

Aluminium continues to face strong correlation with zinc while interrelation with copper tumbled from 0.69 to 0.58 over the week as copper tended to generate stronger response to economic data from China. Meanwhile, alumimium correspondence to price moves of nickel remains almost unchanged at 0.68. Aluminium connection to Standard Poor's SP 500 (SPX) edged up to 0.64 on Friday as

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