Nickel gains despite possible rise in global surplus

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Base metals were mixed on Thursday amid weak PMI readings in the Eurozone and escalated concerns over Cyprus bailout. Limiting the downswing, China's HSBC flash PMI data indicated that the country's manufacturing activity expanded faster than expected this month.

Aluminum was the top-loser on high LME and SHFE inventories and bleak demand prospects in the Eurozone. However, expectations of production cuts and lack of metal available for immediate delivery restricted the downward trend.

Copper declined as China's imports attained a 19-month low in February. China's copper imports reached 214,949 metric tonnes last month, while exports surged 47% on a monthly basis, the highest level since May.

Nickel was the top performer despite talks that global surplus may rise this year. Nickel output may grow 5.7%, while demand may increase 5.6% this year, creating a surplus of 93,800 tonnes, up 7% from last year's oversupply, according to INSG.

Zinc gained as higher cancelled warrants at the LME signal stronger spot demand. Moreover, manufacturing expansion in China is likely to increase the country's zinc consumption.
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