Nickel slumps on global demand concerns

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Source: Dukascopy Bank SA
Industrial metals were bearish on Wednesday amid lingering global economic concerns. Investors shunned riskier assets and turned to safe-havens after the World Bank lowered its global growth forecast from 3% to 2.4% for 2013, citing slower-than-expected recovery of the developed economies. Meanwhile, US Dollar rallied versus its major counterparts, putting heavy pressure on base metals.

Aluminum dipped on worries that slower global expansion will weight on demand for the light metal. Elevated LME inventories also sent prices lower. LME stocks rose by 4,225 tonnes to remain near a record high of 5.24 million tonnes.

Copper sagged 0.6% amid global demand concerns and solid greenback. Adding to losses, China's cooper imports declined 6.6% month on month in December.

Nickel dropped, being pressured by bloated LME inventories coupled with oversupply on the physical markets. Nickel stockpiles at LME added 2,574 tonnes last week to attain almost a three-year high.

Zinc declined on excessive global supplies and high LME inventories. Stocks at LME climbed by 6,075 tonnes to hover near a 17-year high of 1.2 million tonnes.
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