Copper slumps ahead of China's PMI

Source: Dukascopy Bank SA
Base metals declined on Thursday as dismal US numbers dampened market sentiment. Elevated LME stockpiles and China's demand uncertainty added pressure on base metals. However, easing measures by the Fed coupled with hopes for upbeat China's PMI reading due on Friday limited the downswing.

Aluminum plunged as markets have already priced in expectations of narrower surplus on physical market due to production cuts by BHP Billiton and Rio Tinto.

Copper tanked amid flow of weak data from the US and Japan. Moreover, rising production in Chile, Africa and China as well as global demand uncertainty created heavy pressure on the red metal.

Nickel declined on global oversupply concerns. The latest report of Nickel Study Group indicated global markets were in surplus of 68,000 tonnes in the period between January and November 2012.

Zinc followed bearish trend despite hopes for strong investment demand from China. The base metal came under notable pressure from persistent supply glut and record high LME stocks.
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