Base metals tumbled after disappointing durable goods data

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Source: Dukascopy Bank
Industry metals followed a downward trend on Wednesday, being pressured by broadly stronger US Dollar. Disappointing durable goods data that undermined confidence in stable US recovery also weighted down on the base metals pack. Moreover, weakening China's demand and soft global equities pushed the growth-sensitive commodities even lower. Aluminium continued to slide amid expected oversupply in the market while uncertainty over China's demand added to copper's declining spree. Zinc faced weak spot market activity despite positive signs from the Euro Zone's economy. At the same time nickel's spot demand deteriorated as manufacturers prefer to deal directly with producers due to better credibility.


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