Base metals mixed on Tuesday as hopes for QE vanished

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Source: Dukascopy Bank
Industry metals were mixed on Tuesday amid broadly stronger US Dollar and weaker equities. Vanishing hopes for quantitative easing from both sides of the Atlantics weighted down on the base metals pack. Fed minutes indicated its unwillingness to provide additional monetary stimulus while the Bank of England and the ECB are expected to keep their policies unchanged. Copper and aluminum were among the losers as demand perspectives remained weak because of elevated inventory levels worldwide. Nickel was the top-performer amid improved spot demand. Meanwhile, zinc continued to draw strength from positive PMI releases from the US and China earlier this week. However, the upswing may be limited by stockpiling at the LME warehouses.


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