Copper slides ahead of flash PMI releases

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were bearish on Thursday as investors became increasingly concerned over the lack of progress in the US budget talks. Moreover, weak US retail sales data as well as firm greenback added pressure on the base metals pack. Meanwhile, market participants were cautious ahead of the flash PMI releases from China, the Eurozone and the US due on Friday.

Aluminum halted its rally ahead of China's flash PMI reading. Elevated stockpiles at LME also weighted. Aluminum inventories hovered near a record high of 5.2 million tonnes last month.

Copper dropped on concerns that looming US tax hikes and spending cuts may lead to a recession thus dampening demand for the base metals.

Nickel was unchanged amid persistent surplus on the physical markets due to a slight rebound in Indonesian exports.

Zinc tumbled as LME stocks remained at record levels.  However, hopes for better China's demand due to an increase in infrastructural projects limited losses of the metal.


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