Copper slides as Chile's output surges

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were bearish on Wednesday ahead of the ECB press conference scheduled on Thursday and China's trade numbers due out on Friday. Meanwhile, worries over political instability in the Eurozone also weighed on the commodity group.

Aluminum slumped despite hopes for stronger demand. The major aluminum producers predict an increase in aluminum usage in automobile industry. At the same time, the light metal remained under pressure amid elevated LME stocks.

Copper traded lower on signs of rising global output. Production from Chile's Escondida, the world's largest copper mine, surged 31.6% last year. However, strong investment demand as well as a decline in LME stockpiles cut losses of the red metal.

Nickel dipped the most in three months on ample global production and a potential fall in demand. Experts predict China's demand for nickel to weaken for the second consecutive year in 2013, according to Macquarie Group.

Zinc prolonged its losing streak on persistent surplus on the physical market and solid greenback.
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