Nickel climbs despite oversupply concerns

Source: Dukascopy Bank SA
Industrial metals were mixed on Wednesday amid soft greenback and upbeat US numbers. US core durable goods orders jumped 1.9% in January, while pending home sales surged 4.5% last month, compared to a forecast of a 1.5% gain. At the same time, rising global supply glut weighed on base metals.

Aluminum dived amid elevated LME stockpiles. Inventories at the LME remained near a record of 5.24 million tonnes, while stocks at SHFE added 42,101 tonnes last week. Moreover, rising global output put heavy pressure on the lightweight metal.

Copper moved higher on hopes the Fed will stick to its accommodative policy. Additionally, the red metal remained well-supported by expectations that China's demand will grow by 8% this year, creating a 6,000 tonnes deficit.

Nickel advanced on weaker US Dollar. However, concerns over global surplus continued to push the metal lower. The International Nickel Study Group said nickel supply exceeded demand by 86,500 tonnes last year.

Zinc finished in the negative area amid persistent surplus on physical market. The International Lead and Zinc Study Group announced zinc market was in surplus of 265,000 tonnes in 2012.
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