Base metals fell after credit downgrades

© Dukascopy Bank

Base metals faced losses after rally in the beginning of the week as Standard and Poor's credit ratings cuts in the Euro Zone increased fears over recession in the region. Aluminium was the top loser on Friday, tumbling 0.83% over the day. However, aluminum price may find support in expected metal's supply shortage. Industrial metals opened higher on Monday with cooper traded close to 10-week high amid expectations of the near-tern monetary easing in China. The jump in copper price is likely to stimulate prices for other base metals that tend to follow copper's lead.