Nickel plunges as LME inventories hit all-time high

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals were bearish on Wednesday as China's trade data disappointed investors. China's trade balance unexpectedly swung to deficit of USD884 million last month while experts predicted a USD15.4 million surplus.

Aluminum retreated on dismal trade numbers from China. The metal also came under heavy selling pressure after Deutsche Bank predicted global production to increase 5.5% this year. Meanwhile, market players remained cautious ahead of Chinese new loans data due on Thursday.

Copper slumped on weak China's figures and strong greenback. At the same time, the metal may seek support from a rebound in China's copper's imports in March. Moreover, cancelled warrants at the LME rose 3.4% to 156,975 tonnes, indicating strong spot demand.

Nickel tumbled on elevated LME inventories. Nickel stocks approached all-time high of 167,700 tonnes on Tuesday. Also pressurizing the metal, experts predict a 33,500-tonne surplus this year amid weak demand from stainless steel producers.

Zinc slid tracking weakness of the commodity sector. However, losses were limited by a decline in LME inventories and an increase in cancelled warrants.
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