Copper declined after weak China's imports data

Source: Dukascopy Bank SA
Industrial metals apart from nickel moved lower on Friday despite positive US numbers. The jobless rate in the US dropped to a five-year low of 7.7% in February. At the same time, high LME stocks and solid greenback weighed on the commodity group.

Aluminum sagged 0.71% despite reports that China may have increased its buying for state stockpiles. Meanwhile, the lightweight metal remained under heavy selling pressure amid elevated LME inventories and rising supply glut.

Copper declined after the data showed China's imports of the red metal slumped 15.1% to 298,102 tonnes last month. Adding to losses, LME inventories rose 7,475 tonnes on Thursday to hover near the highest level since May 2010.

Nickel was the only gainer on improved spot market activity at the LME. However, gains were capped by persistent oversupply on the physical market. Nickel Study Group reported the global nickel supply exceeded demand by 86,500 tonnes in 2012.

Zinc was the top-loser despite a recent decline in the LME stockpiles and higher cancelled warrants ratio.
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