Nickel rallies as China's imports may climb

Source: Dukascopy Bank SA
Industrial metals rose on Tuesday after China left unchanged its growth target for 2013 as the government wants the country to expand gradually and maintain social stability. Moreover, positive US numbers boosted the commodity group. US non-manufacturing sector expanded faster than expected last month.

 Aluminum moved higher amid positive headlines from the US and China. However, elevated LME inventories, which remained close to a record high of 5.24 million tonnes last week, continued to weigh on the metal.

Copper advanced for the second consecutive day on hopes for strong China's demand. Copper consumption in China is likely to surge 8% to a record of 8.833 million metric tonnes in 2013, creating a global deficit of 6,000 metric tonnes, according to Goldman Sachs Group Inc.

Nickel was the top-performer on speculation China's demand will climb 14% this year ahead of Indonesian ban on nickel ore exports due to come in force next year.

Zinc swung to gains on expectations for an increase in China's purchases. China's imports of refined zinc jumped 7.8% year on year in January and are likely to grow further in the following months.
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