Copper slumps after China's GDP data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals except for aluminum dropped on Monday on worries over global demand perspectives as China's economy slows. China's GDP grew by 7.7% year-on-year in the first quarter, defying expectations of a 8.0% expansion. Base metals also continued to face pressure from persistent global surplus.

Aluminum climbed on a decline in the LME inventories last week. LME stockpiles dropped 18,050 tonnes, or 0.35%, last week. However, continuous oversupply on physical market as well as worries over China's demand limited the upswing.

Copper was the top-loser, attaining a 10-month low amid dismal numbers from China. China's imports of unwrought copper and products sank by annualized 29% to 967,632 tonnes in Q1 and may decline further amid decelerating GDP growth.

Nickel prices slid 1.3% as economic growth in China missed forecasts. Furthermore, nickel prices were impacted by a downward trend in other commodities. Meanwhile, LME inventories rose 3,102 tones last week.

Zinc prices plunged despite a 18,450-tonne decline in LME inventories last week. In addition, the demand from emerging economies may slow down amid weaker economic growth in China, the top metal buyer.
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