Industry Metals

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank
Industry metals except for copper tumbled on Wednesday on the firmer Dollar and weak equities. China's PMI data that indicated contraction weighted down on the metals and is likely to stay the main correction factor for the base metals price. Weaker than expected US housing market data also added to the negative mood of the commodity pack. At the same time, the Euro Zone PMI data are likely to be positive and provide stimulus for the metals. Aluminium was the top-loser at Wednesday's sessions while copper managed to climb slightly, being inspired by more optimistic economic situation in the Euro Zone. Zinc and nickel continued to face weak spot demand and high inventory levels that caped any upward move.

Interchange between copper and the Dow Jones-UBS Precious Metals Index (DJUBSPR) improved from 0.59 to 0.61 amid marginal changes in copper and precious metals pack. At the same time, red metal's connection to other base metals strengthened after the China's PMI data release late on Wednesday. Further, tie between copper and the Standard Poor's SP500 increased from 0.75 to 0.74 along with pessimistic US real estate market data.


© Dukascopy Bank
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Thu, 22 Mar 2012 19:23:54 GMT

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Precious Metals

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