Nickel moves lower amid ample global supplies

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Source: Dukascopy Bank SA
Base metals ended Thursday's session in the negative territory as solid greenback put notable pressure on the commodity group. Weak numbers from the US labour market and increased caution ahead of China's trade data also dragged industrial metals lower.

Aluminum was steady amid elevated LME inventories and hopes for solid demand from automobile producers. Meanwhile, expectations that production cuts by BHP Billiton and Rio Tinto will reduce global supply glut supported the light metal.

Copper slid despite hopes for an increase in China's import ahead of the Chinese New Year Holiday. Pushing the red metal lower, the data showed output from Chile's Escondida, the world's largest copper mine, jumped 31.6% in 2012.

Nickel prolonged its slump on weak fundamentals. Supplies are expected to outplace demand, while China's consumption is likely to fall for the second consecutive year in 2013, according to Macquarie Group.

Zinc fell on concerns over global oversupply and a record high LME inventories. However, the metal may seek support from potential increase in the US demand due to recovery of housing market.
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