Aluminum plunges on rising LME stockpiles

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Source: Dukascopy Bank SA
Industrial metals apart from copper moved lower on Monday ahead of China's annual legislative session due on Tuesday. Elevated LME inventories as well as persistent global surplus added pressure on the commodity group. Political instability in Italy also sent base metals lower.

Aluminum dropped as LME inventories continued to hover near a record high of 5.24 million tonnes. Moreover, weak PMI releases coupled with uncertainty over the Fed's monetary policy weighed on the lightweight metal.

Copper bounced off a three-month low despite worries over demand from China, the world's top consumer. China's real estate sector curbs as well as slowing manufacturing activity are likely to reduce the country's demand for the red metal.

Nickel retreated despite talks China's demand for nickel ore may climb this year. China's purchases of nickel ore are expected to soar 14% in 2013 on stockpiling ahead of Indonesian export ban due to take effect next year.

Zinc slumped despite positive China's import numbers. China's imports of refined zinc jumped by annualized 7.8% in January.
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