That forced CIB to cut its prices and slashed its profits by about 20%.
Robin Bhar, senior metals analyst with Credit Agricole CIB, estimated 15% to 20% of global output is unprofitable.
FORBES: Some Aluminum Production Dips Below Costs; Output Cuts Likely If Condition Persists
Robin Bhar, senior metals analyst at Credit Agricole CIB, said extreme price swings and profit-taking contributed to long liquidation.
FORBES: FOCUS: Speculators Cut Bullish Exposure To Precious, Base Metals --CFTC Data
Barclays, Credit Agricole CIB and a unit of JPMorgan Chase were the lead managers of the offering.
Credit Agricole-CIB's Mr Kowalcyzk said these numbers coupled with the latest data "confirm that the Chinese economy has regained momentum".
"The momentum may be lost if any of these issue spirals into a bigger problem, " said Mr Kowalcyzk of Credit Agricole-CIB.
"Overall sentiment continues to be dictated by central bank actions and hopes of more policy accommodation, " said analysts at Credit Agricole CIB in Hong Kong.
Another Latin American bank appearing this week is Bancolombia ( CIB).
FORBES: Latin Banks Like Banco Macro, Bancolombia Light Up IBD Rankings
"Markets remain optimistic, mainly because failure to forge a deal would be a disaster, " analysts at Credit Agricole CIB in Hong Kong said in a report.
"The government's stimulus measures implemented last year have managed to stabilise growth and lay the foundations for solid expansion this year, " said Dariusz Kowalczyk of Credit Agricole CIB.
Robin Bhar, senior metals strategist with Credit Agricole CIB, suggested the market needs further clarification to draw definitive conclusions, such as whether the 1.9-million-ton figure includes working stockpiles and strategic reserves.
FORBES: FT Story On Chinese Copper Inventories Captures Attention, But Impact Likely To Be Muted
"Sentiment was upbeat yesterday as solid US earnings and new home sales data helped equities shrug off disappointing PMI data earlier in the day, " Gary Yau at Credit Agricole CIB said in a commentary.
"Unfortunately, their positive impact on competitiveness, employment and activity will take time to materialize and will do little to mitigate economic pain in the short term, " said Herve Goulletquer, an analyst at Credit Agricole CIB.
CIB, said the "biggest risk for credit markets going forward is a faster-than-expected U.S. economic recovery, which would likely see an increase in U.S. Treasury yields and a rotation into equities, " resulting in falling bond prices.
Among the largest underlying components of EEM, in trading today BanColombia, S.A. ( NYSE: CIB) is down about 3.1%, Mobile Telesystems OJSC ( NYSE: MBT) is trading flat, and Southern Copper Corp ( NYSE: SCCO) is lower by about 1%.
Among the largest underlying components of EEM, in trading today Mobile Telesystems OJSC ( NYSE: MBT) is down about 0.1%, BanColombia, S.A. ( NYSE: CIB) is off about 0.5%, and Banco Santander Chile ( NYSE: BSAC) is lower by about 0.5%.
Among the largest underlying components of EEM, in trading today BanColombia, S.A. ( NYSE: CIB) is up about 0.1%, Mobile Telesystems OJSC ( NYSE: MBT) is up about 0.8%, and HDFC Bank Ltd ( NYSE: HDB) is lower by about 0.1%.
Among the largest underlying components of ACWX, in trading today HDFC Bank Ltd ( NYSE: HDB) is down about 0.8%, ICICI Bank Ltd ( NYSE: IBN) is off about 0.1%, and BanColombia, S.A. ( NYSE: CIB) is up by about 0.1%.
Among the largest underlying components of GXG, in trading today BanColombia, S.A. ( NYSE: CIB) is off about 0.1%, Pacific Rubiales Energy Corp ( Toronto: PRE) is down about 1%, and Ecopetrol SA ( NYSE: EC) is higher by about 0.1%.
"The dichotomy between hard economic data and asset market performance continues but unlike over past weeks at least there was some justification for the rally in equity markets following the stronger than expected US April jobs report, " said a market commentary from Credit Agricole CIB in Hong Kong.
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