Industry Metals

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed  to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper indicate strong demand for these metals. However, investors are cautious before key industry data releases from China. In case the PMI signal expected contraction, the market may face selloff of base metals, unless China announces monetary policy easing.
  
Connection between copper and palladium tumbled to 0.55 while link to aluminium decreased to 0.59 over the week. At the same time, copper's correspondence with zinc and nickel tumbled to 0.73 and 0.59, respectively amid softer US Dollar and negative data from the US. Meanwhile, copper's interdependence with the pair EUR/USD dropped from 0.68 to 0.59 over the day as the Euro found support on the US pessimistic releases while copper showed strong sensitivity to the slower US growth.


© Dukascopy Bank
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