Nickel dips on elevated inventories, global surplus

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Source: Dukascopy Bank SA
Industrial metals except for copper declined on Tuesday amid mixed signals from the US economy and elevated inventories at the LME and SHFE. Waning optimism over Cyrus bank deal also weighed on base metals.

Aluminum finished lower as inventories remained near a record high. Stocks at LME rose 56,950 last week, while those at SHFE reached a record of 505,371 tonnes. Limiting the downswing, cancelled warrants at the LME rose, signaling an improvement in spot demand.

Copper inched up on concerns over supply disruptions in Chile. Chiles Coldeco, the world's largest copper producer, rescheduled shipments because of strike at the Angamos port. Dragging the red metal lower, speculators raised net short position by 53% in the week ended March 19.

Nickel dropped amid rising stocks at the LME and expectations of a surplus on physical market this year. The INSG predicts nickel production to outplace demand, increasing global supply glut this year.

Zinc was the top-loser as inventories at the LME continued to increase. However, a rise in cancelled warrants at the LME capped losses of the base metal.
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