Nickel jumps on hopes for China's demand

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Source: Dukascopy Bank SA
Industrial metals were mixed after the data showed China's industrial production expanded 9.9% last month, below forecasts of a 10.5% jump. Meanwhile, concerns over possible deterioration of the Eurozone's economic state continued to push base metals deeper in red.

Aluminum prolonged its slump amid elevated inventories at the LME and persistent surplus on physical market. At the same time, the downswing was limited by speculation that China may increase its purchases for state stockpiles.

Copper advanced on talks that seasonal restocking in China will boost demand for the red metal. However, copper remained under heavy pressure amid high inventories. Copper stocks at the LME, COMEX and SHFE have jumped by 53% over the last three months.

Nickel gained on possible increase in China's demand ahead of Indonesian ban on nickel ore exports due to take effect in 2014. At the same time, global supply glut continued to weigh on the metal.

Zinc reached a 15-week low on dismal industrial production data from China. Moreover, global oversupply concerns added pressure on the metal.
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