Zinc jumps despite rising China's output

Source: Dukascopy Bank SA
Industrial metals rallied on Tuesday amid expectations of strong China's demand. However, disappointing UK manufacturing production numbers as well as signs of rising metal's output in China put pressure on the commodity sector.

Aluminum jumped despite increasing production in China. China's output over February and January rose by annualized 15% to 3.5 million tonnes, the fastest expansion since 2010.

Copper climbed after Antofagasta reported that China's consumption of base metals is likely to increase this year. However, the upswing was capped by rising China's output. China's production of the red metal climbed 12% year on year over February and January.

Nickel moved higher despite bearish figures from China's National Bureau of Statistics. The latest data indicated that China's nickel output more than doubled in the first two months of 2013 compared to the same period last year.

Zinc bounced off a 15-week low despite persistent growth in China's output. China's zinc production rose by annualized 1.7% relative to last year in the first two months of the year.
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