Chinese growth fears weigh on base metals

IT was another shocker for base metals overnight after Chinese GDP data showed a slowdown in the country’s growth.
Chinese growth fears weigh on base metals Chinese growth fears weigh on base metals Chinese growth fears weigh on base metals Chinese growth fears weigh on base metals Chinese growth fears weigh on base metals

China's economy grew by 6.7% in the second quarter, the slowest pace in two years.

Zinc took another hammering, down by 3.6% to US$2502 per tonne, a fresh 13-month low.

Despite hitting a more than 10-year high earlier this year, zinc has been the worst performer of 2018, down by 25%.

Nickel dropped by 2.2% to $13,571/t, its lowest level since April.

Cobalt slumped by nearly 3.6% to $67,750/t, the lowest point since early December 2017.

The key battery metal is down by 28.5% since peaking at $94,800/t in March.

Lead and tin each dropped by more than 1%, while copper was down by 0.8%, with supply disruptions likely slightly supporting prices.

Aluminium was the only winner, up by 2%.

Oil prices slumped by 4.2% to below $70 a barrel, while gold remained steady at $1241 an ounce.

The Australian market is poised for a weak start with the SPI 200 Futures index trading 12 points down.

 
 
 
 
 
 
 

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