Aluminum plunges on rising LME stockpiles

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals apart from nickel tumbled on Friday on weak PMI data from the Eurozone and US. Final manufacturing PMI in the US reached 54.3 last month, compared to expectations of 55.6. Moreover, political uncertainty in Italy as well as solid greenback weighed on base metals.

Aluminum declined amid soft demand and elevated LME stockpiles. Stocks at the LME rose 950 tonnes on Thursday to hover near a record of 5.24 tonnes. Meanwhile, inventories at SHFE climbed 42,101 last week.

Copper slumped on weak demand for riskier assets amid political instability in Italy and worries that the Fed may end its easing measures. Disappointing PME releases coupled with rising stocks at the LME also pushed the red metal lower.

Nickel finished in the positive area on speculation China's imports of nickel ore may advance 14% this year amid stockpiling ahead of Indonesia's ban on nickel ore exports due to come in force in 2014.

Zinc was bearish despite signs of robust China's demand. China's imports of refined zinc surged by annualized 7.8% in January. At the same time, LME stocks rose 1,150 tonnes on Thursday, sending zinc prices lower.
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