Aluminum dips despite China's SRB tender

Source: Dukascopy Bank SA
Industrial metals dropped on Wednesday despite better-than-expected data on the US retail sales. However, signs that China's manufacturing activity is slowing coupled with rising China's production of base metals pushed the commodity complex lower.

Aluminum was the top-loser despite China's plans to buy the metal for government's stocks. China's State Reserves Bureau issued a tender to buy 300,000 tonnes of aluminum. However, the metal remained under pressure as China's aluminum production soared 15% in the first two months of 2013.

Copper dropped on elevated LME inventories and rising China's supplies. LME inventories doubled since early December and are at a three-year high. China's output of the red metal surged 12% in February and January.

Nickel traded in red territory on concerns over a surge in China's production. China's output more than doubled in the first two months of 2013.

Zinc dipped despite ideas that market may swing to deficit this year. Morgan Stanley expects global market to witness a deficit of 100,000 tonnes in 2013 due to solid demand and falling China's production.
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