Aluminum declined as Eurozone's turmoil persists

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Industry metals were weak on Monday as risk-sentiment was dampened by spreading worries over debt crisis in the single currency union. Traders were also cautious ahead of China's PMI data release due on Tuesday.

Aluminum lost 0.74% as demand may weaken following negative headlines from the Eurozone. Moreover, an increase in China's aluminum output weighted down on the light metal.

Copper came under significant pressure after Spain announced that its GDP contracted by 1% on yearly basis in Q2. Slowdown in the Eurozone is likely to impact industrial demand for metals globally.

Nickel was the top-loser as oversupply in the market coupled with soft spot demand continued to create downside pressure on the metal.

Zinc tumbled amid 30-year high inventory levels at the LME warehouses. Stronger US Dollar and global growth fears also sent zinc futures lower.

 

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