Weak China's demand weighted down on the base metals

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Source: Dukascopy Bank
Base metals faced mixed performance on Monday with advancing zinc and aluminium and falling copper and nickel. Traders are cautious before final resolution of the Greek bailout issue. The commodity group can find further support in the recent cut in RRR in China and fresh economic data released on Tuesday. However, the upswing may be capped on the weak demand from China. Industry metals stocks in Shanghai Futures Exchange warehouses hit almost 10 year high. Nickel lost 0.73% on Tuesday and the trend for the metal remains bearish amid higher volume and open interest.


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Tue, 21 Feb 2012 12:39:27 GMT

Geopolitical tensions lifted crude oil on Monday

Energy products were mostly higher amid growing price for crude oil and natural gas. However, Brent oil and heating oil faced some losses over the day. Energy prices are mainly supported by the escalated geopolitical tensions in Mideast as Iran threats to halt oil exports to some European countries. Moreover, speculation that Israel plans to attack Iran added to gains.

Tue, 21 Feb 2012 13:46:04 GMT

Japan to agree on Iran oil import reduction

Japan and US is looking forward to reach an agreement to cut crude imports from Iran. The deal is expected to be closed by the end of February. Japan's oil dependence has increased since March earthquake in 2011. Therefore oil sanctions threaten economic growth. However, avoiding embargo would harm Japanese foreign financial operations. 

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