Nickel tumbles as China's output surges

Source: Dukascopy Bank SA
Industrial metals were bearish on Friday amid elevated inventories at Shanghai Futures Exchange and an unexpected fall in the US consumer sentiment. However, losses were limited by upbeat reading of the US industrial production for February.

Aluminum declined despite signs of improved demand in China. China bought 300,000 tonnes of the metal for government's stocks. At the same time, inventories at Shanghai Futures Exchange rose 2.1% to a record of 502,000 tonnes.

Copper dipped on mixed US data. The high level of the red metal's stocks at Shanghai Futures Exchange also weighed on prices. Stocks climbed 2.9% on Friday on a weekly basis.

Nickel led losses on worries over surging China's output. According to the latest data of the National Bureau of Statistics, China's production of the metal more than doubled in the first two months of 2013.

Zinc dropped despite increased China's purchases. On Friday, China bought 45,000 of zinc to replenish state inventories. Zinc tracked overall weakness of the commodity sector and even expectations of a deficit this year failed to lift the zinc price.
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