Base metals tumbled after China's PMI data

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Source: 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.


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Thu, 22 Mar 2012 18:02:20 GMT

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