Zinc plunges on abundant global supply

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Source: Dukascopy Bank SA
Industrial metals tumbled ahead of China's manufacturing PMI reading due on Friday. Putting additional pressure, concerns over lack of physical demand outweighed upbeat figures from the US. Moreover, increased caution before the US PMI numbers scheduled on Friday also sent base metals lower.

Aluminum plunged amid global oversupply concerns as inventories at LME and SHFE are rising along with increasing lightweight metal production worldwide.

Copper sagged 0.7% as reports show global copper usage rose only 1% in 2012, compared to a 10-year average of 3%. Furthermore, worries over manufacturing activity in China and the US weighed on the red metal.

Nickel was the top-loser after posting a mild gain on Wednesday. The According to the International Nickel Study Group, the metal's supply glut attained 86,500 tonnes in 2012.

Zinc dropped after Teck Resources and Korea Zinc agreed on increased processing fees, implying an oversupply on zinc markets. Adding to losses, global zinc market was in surplus of 265,000 tonnes in 2012.
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