Aluminum rose ahead of China's leadership change

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals except for aluminum erased previous gains on Wednesday. Base metals came under heavy pressure as investors were cautious ahead of the US budget clashes and Chinese Communist Party Congress due on Thursday. Adding to the negative mood of the commodity group, the European Commission cut its growth forecast for the eurozone from 1% to 0.1% for 2013. It also lowered growth estimate for Germany from 1.7% to 0.8%.

Aluminum was the only gainer, adding 0.16%. The light metal found support on stronger substitution demand and application in alloys.

Copper slid on deteriorating global outlook and rising inventories at the LME-monitored warehouses.  Weak spot demand and stronger US Dollar also weighed on the red metal.

Nickel dropped on weak economic releases. At the same time, better spot market activity may lend support in the following sessions.

Zinc edged down amid elevated global inventories and weak fundamentals.
 


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Thu, 08 Nov 2012 09:30:24 GMT

German exports and imports decline in September

Exports in Germany fell 2.5% in September from the previous month, offsetting a 2.3% increase in August, according to Destatis. Economist had projected a 1.5% monthly drop. Imports declined 1.6% after growing 0.4% in August. The trade surplus increased from EUR 16.3 billion in August to EUR 16.9 billion and was more than EUR 15.5 billion economists' forecast. 

Thu, 08 Nov 2012 13:25:34 GMT

Australian jobless rate falls in October

According to the Australian Bureau of Statistics, unemployment rate in Australia fell to 5.4% in October ahead of economists' expectations of 5.5%. The number of people in work increased by 10,700 to 11,523,200 in October, whereas the number of unemployed fell by 8,000 to 653,200. Labour force participation rate slightly decreased to 65.1% in October compared to 65.2% in September. 

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