Copper plunges on rising global output

Source: Dukascopy Bank SA
Industrial metals were bearish on Friday despite encouraging German business confidence data. The Ifo institute's business climate index rose to 104.2 this month, the highest level since June. However, weak US housing data release weighted on industrial metals. US new home sales dropped 7.3% on a monthly basis in December.

Aluminum sagged 3.44% after dismal data from the US property market. Elevated LME inventories also continued to weigh on the light metal.

Copper declined on signs of increasing global output. Chile's Escondida, the world's largest copper mine, increased output by annualized 31% in Q4 of 2012. Adding pressure, canceled warrants at the LME warehouses decreased last week, signaling weaker spot demand.

Nickel edged down on persistent pressure from bloated LME inventories and excessive global supplies. However, weaker US Dollar limited losses of the metal.

Zinc gave back its previous gains amid increased Australian supplies and a fall in cancelled warrants at LME.
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