Copper dives on potential housing curbs in China

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Industrial metals followed bearish trend on Wednesday amid worries that the Fed may halt its growth-boosting activities. Stronger greenback coupled with weaker-than-expected data from the US housing market also contributed to the decline. Moreover, subdued buying from China pushed the commodity complex deeper into the red territory.

Aluminum declined amid weak US data and worries that the Fed may end its bond-buying program. The lightweight metal also came under pressure from elevated LME inventories that continued to hover near a record high of 5.24 million tonnes.

Copper slid to a four-week low on worries over fresh property curbs in China. Adding pressure, stocks monitored by the LME reached the highest level since November 2011, while cancelled warrants ratio approached a seven-month low.

Nickel declined despite increasing orders to withdraw the metal at the LME. Solid greenback and weak appetite for risky assets also weighed on the metal.

Zinc plunged after the data showed that global surplus attained 256,000 tonnes in 2012, marking the sixth consecutive year of supply glut. Furthermore, producers' and exchanges' inventories surged by annualized 24.1% last year.
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