Aluminum slides as global output rises

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Source: Dukascopy Bank SA
Industrial metals were mixed on Monday amid elections in Italy and concerns over recession in the Eurozone. Stockpiling at the LME warehouses and weaker-than-expected HSBC flash manufacturing PMI data also put heavy selling pressure on the base metals complex. China's manufacturing PMI reached a four-month low of 50.4 in February, compared to expectations of 52.2.

Aluminum prolonged its slump after posting the biggest drop in 15 months on Friday. The metal declined after the International Aluminium Institute announced global output of the metal surged 5.7% year-on-year in January.

Copper was the top-gainer on signs of robust demand in China. China required about 4.2 million kilometers of copper cables in December, the most since March 2012. The consumption of the red metal is likely to soar 8% this year, creating global deficit of 6,000 tonnes in 2013, compared to a surplus of 216,000 tonnes last year, reported Goldman Sachs Group Inc.

Nickel extended losses amid weak Chinese figures. However, an increase in cancelled warrants at the LME limited a downward trend of the metal.

Zinc inched up despite signs of rising global supply and elevated LME inventories.
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