Copper fell on concerns that Chinese demand was subsiding and after weak US data reined in speculation the global economy could be on the way to recovery. Copper for three-month delivery on the London Metal Exchange fell nearly 3% to a day’s low of $4,315 a tonne. Futures are down 6.6 percent this week as China’s industrial production and U. S. retail sales came in below forecasts. China’s copper imports reached a record last month even as the country’s export slump deepened, raising concern that supply may outpace consumption.

Aluminium was at $1,505 a tonne from $1,525. Stocks of aluminium continued a seemingly relentless rise, up by 6,375 tonnes to strike a record high near 3.9 million tonnes.

Zinc stood at $1,450 from $1,476 a tonne. Battery material lead was at $1,385 from $1,455, having fallen more than five percent to a day’s low of $1,380. Tin was quoted at $13,350/13,400 from $13,700. Nickel fell to $12,200 a tonne from $12,450.

Xstrata Plc, the world’s fourth- biggest nickel producer, said the cost of developing the $3.8 billion Koniambo mine in New Caledonia remains unchanged after first production was delayed to 2012 from 2011. The company earlier has unveiled plans to cut costs and pare net debt to $12.6 billion as the global recession sapped demand for metals.

Rio Tinto Group said it will proceed with a plan to raise $19.5 billion from Aluminum Corp. of China. Rio is trying to convince investors and regulators that the accord signed in February with Chinalco is the best way to slash the company’s $38.9 billion of debt. The company has a “Plan B” should shareholders or regulators reject the Chinalco proposal, Rio would consider selling shares, bonds or more assets. It would also look at rescheduling debt, or a combination of the four options.

The metals in the previous session tested the support levels, however pulled back during the close. Thus limiting the negative sentiments. Metals are expected to improve during today’s session after yesterdays pull back for the support levels.

Especially, Nickel showed a smart recovery from the days support levels. Zinc also exactly touched the support levels at 70.5 and is expected to improve today.

Copper: Copper witnessed a downfall in the previous session, however managed to pull back higher in the closing at 222.95. Thus, it can remain positive during the day above 221 (23.6% retracement from the top). Breaching this 221 levels can trigger downside till 217- 215.

Zinc: Zinc prices exactly touched the support level of 70.5 in the previous session. But pulled back higher during the close, leaving a positive cue. Thus one can remain long in Zinc at lower levels around the support levels of 70. Prices are expected to take support and move upwards in the near-term.

Nickel: Nickel prices also edged negative during the day, pulling prices upside during the close, taking the support from the middle line of the Bollinger Band. Nickel can continue to take support even today around 600-606 levels, thus one can remain long in Nickel at lower levels for the day.