Aluminum steady after flash PMI readings

Source: Dukascopy Bank SA
Base metals were mixed on Thursday amid positive flash PMI releases from China, the US and Europe. Supporting the commodity complex, US lawmakers temporary lifted the US debt ceiling until May. At the same time, stronger US Dollar and profit taking after Wednesday's rally sent industrial metals lower.

Aluminum was steady, balancing between record high LME inventories and higher cancelled warrants ratio at LME warehouses. At the same time, stronger US Dollar put additional pressure on the light metal.

Copper prolonged its slump on rising global output. Chile's Escondida, the world's largest copper mine, increased output by annualized 31% in the last quarter of 2012. Production of refined copper in China advanced 22% on an annual basis last month.

Nickel dropped as LME stockpiles remained at elevated levels. Stocks at LME rose by 3,558 tonnes last week, attaining the highest mark since April 2010.

Zinc remained well-supported as China's MMG Ltd suspended shipments from its Century mine, the second-biggest mine in the world, because of storm.
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