Weekly Fundamental Outlook for Energies and Metals - Flattening in Oil Curve Indicates Expectations on Tighter Spot Market

Last week, the Chinese government released a set of macroeconomic data which spurred speculations on further monetary tightening. Headline CPI surged +2.7% y/y, the highest in 16 months, in February. PPI also beat market expectation and rose +5.4% y/y during the month. Other than price indices, retail sales, industrial productions and fixed asset investment also signaled that the government should act further to prevent overheating in the economy. Other than raising required reserve ratios, it's widely anticipated that the People's Bank of China will raise interest rates, for the first time since December 2007, in coming months.

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Weekly Fundamental Outlook for Energies and Metals - Flattening in Oil Curve Indicates Expectations on Tighter Spot Market