Copper inches up on hopes for solid China's demand

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Source: Dukascopy Bank SA
Base metals were mixed as risk appetite weakened amid escalated concerns over deepening Eurozone's recession. Putting additional pressure on the commodity complex, weak Eurozone's data pushed the US Dollar higher. Meanwhile, market activity remained subdued as China's markets are closed for Lunar New Year holiday.

Aluminum closed near one-month high amid brighter demand prospects. Norilsk Nickel, the third biggest aluminum producer in Europe, predicts global aluminum demand to grow 2% to 4% outside China this year. Moreover, Global Rusal, the world's top aluminum producer, stated global consumption will rise 6% in 2013.

Copper finished in the positive area on hopes China will restock after the Lunar New Year. However, signs of weakening spot market activity at the LME and elevated stockpiles continued to put pressure on the red metal.

Nickel and Zinc declined on bloated LME inventories and concerns that consumption may decline amid deepening recession in the Eurozone. However, positive outlook on China's economy lent some support to the metals.
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