Zinc plunges despite possible deficit this year

Source: Dukascopy Bank SA
Industrial metals slumped on Monday as market players shunned risky assets after Cyprus said it plans to levy taxes on bank deposits to meet bailout requirements. The move raised worries over financial stability of the single currency union thus weighing on industrial demand prospects of the commodity complex.

Aluminum dived amid elevated inventories in China. Stocks at Shanghai Futures Exchange climbed 2.1% to reach a record of 502,000 tonnes. At the same time, a recent China's tender as well as weaker US Dollar capped losses.

Copper dropped as money managers and hedge funds raised their net short position in the red metal to a four-year high in the week ended March 12, according to Commodity Futures Trading Commission. However, copper may seek support from hopes that lower prices will spur China's demand.

Nickel declined amid persistent worries that fast growth in China's output may exacerbate global supply glut. China's nickel production more than doubled in the first two months of 2013.

Zinc slid despite forecasts that global markets may swing to a deficit this year amid strong industrial demand and slow growth pace of China's zinc production.
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