Zinc moves higher on falling LME inventories

Source: Dukascopy Bank SA
Base metals apart from aluminum advanced on Thursday on positive numbers from China. New loans issued in China rose more-than-expected in March, alleviating worries over tight liquidity conditions in the country. However, concerns over a jump in global production limited gains of industrial metals.

Aluminum was the only loser amid increasing supply glut and high inventories at the LME. Stocks at the LME remained near a record of 5.24 million tonnes on Thursday. Meanwhile, Deutsche Bank expects global output to soar 5.5% this year.

Copper moved higher on optimism over China's demand. Chinese copper purchases climbed to 319,603 metric tonnes in March compared to 298,102 metric tonnes in February. However, the red metal's imports by China remained below the last year's figure of 462,182 metric tonnes.

Nickel rebounded despite weak fundamentals. Inventories at LME warehouses hit all-time high of 167,700 tonnes on Tuesday.

Zinc moved higher as stocks at the LME dipped 8,175 tonnes on Wednesday after falling 21,025 tonnes last week. Moreover, an increase in cancelled warrants ratio that stood above 60% was supportive for the base metal.
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