Nickel slumps on persistent supply glut

Source: Dukascopy Bank SA
Base metals finished in the red territory on Thursday despite easing worries that the Fed may end its bond-buying program sooner-than-expected. Negative headlines from the Eurozone and US also weighed. Eurozone's flash PMI and Philly Fed Manufacturing Index missed forecasts in February.

Aluminum retreated, tracking appreciation in the US Dollar and dismal data from the Eurozone and US. Higher stocks at the LME also put pressure on the light metal. LME inventories slid 5,500 tonnes on Tuesday but remained near a record of 5.24 million tonnes.

Copper dropped as risk appetite remained weak amid disappointing economic data releases. Concerns over potential property curbs in China and elevated LME stocks also weighed on the red metal.

Nickel dipped after the International Nickel Study Group reported that global supply exceeded demand by 86,500 tonnes in 2012. Moreover, weak spot demand and solid greenback added pressure on the nickel prices.

Zinc extended losses after the International Lead and Zinc Study Group announced that global market was in surplus of 265,000 tonnes last year.
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