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Aluminium and other industrial metals drifted lower on Wednesday as investors awaited more signs on whether demand in top metals consumer China would rebound after the Lunar New Year.
So far, signs of metal demand in China have been lacklustre, with rising inventories in the world's second-largest economy and weak physical premiums.
"We're in a holding zone here with two key areas of focus. The China February macro data and secondly, whether we start to see more evidence of a seasonal pick up in demand," said analyst Nicholas Snowdon at Deutsche Bank in London.
The London Metal Exchange index of six major base metals has gained 5 percent over the past three weeks, with data showing net long positions building up in many of the metals.
LME benchmark aluminium traded down 0.3 percent to $1,868 a tonne in official open outcry activity.
The premium of cash LME copper over the three-month contract rose to $70 a tonne, the highest since January 2015, indicating tight availability. Analysts say the shortages are mainly in the LME system, with supply available elsewhere.
LME three-month copper declined 0.4 percent in official rings to $6,453 a tonne.
Shanghai nickel prices rose sharply on low inventory levels and recovering demand.
The most-traded May nickel contract on the Shanghai Futures Exchange rose as much as 1.9 percent to 106,460 yuan ($15,859) a tonne, its highest since Oct. 10, before closing at 106,040 yuan.
LME nickel added 0.1 percent in official trading to $13,660 a tonne.
LME nickel inventories extended their decline on Wednesday to the lowest since July 2013, data showed, while China's nickel ore inventory has dropped 12 percent so far this year, Argonaut Securities analyst Helen Lau wrote in a note. Zinc traded down 0.1 percent in official activity to $2,777.50 a tonne, lead edged up 0.1 percent to $2,103 and tin, untraded in rings, was bid down 0.5 percent at $21,450.

Copyright Reuters, 2019

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