Nickel flat amid global surplus and elevated stocks

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Source: Dukascopy Bank SA
Base metals apart from nickel advanced on Thursday despite worries over rising global inventories and weak China's demand. However, industrial metals found support on Mario Draghi comments that the ECB will continue its easing measures as long as needed.

Aluminum climbed as cancelled warrants at the LME continued to rise, indicating strong spot demand. Adding to gains, stockpiles at the LME and SHFE witnessed a decline, falling 16,350 and 397 tonnes, respectively.

Copper rose after Codelco, the world's largest copper mine, announced about 60,000 tonnes of copper was blocked because of port strike in Chile. Meanwhile, cancelled warrants at the LME more than doubled in the last ten sessions.

Nickel dipped amid global oversupply and elevated inventories. Stocks at the LME rose 2,658 tonnes last week to hover near a three-year high. Meanwhile, nickel market was in surplus of 17,000 tonnes in January, reported the INSG.

Zinc rallied despite excessive supply on the physical market. The metal was boosted by a recent fall in inventories and rising cancelled warrants ratio at the LME.
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