Commodities Retreat as Robust Chinese Growth Spurs Tightening Speculations
BonTradeCommodity prices declined in European as strong Chinese macroeconomic data fuelled speculations on stringent tightening in the world’s second largest economy. Strength in the US dollar also weighed on commodities. The front-month contract for WTI crude oil price rebounded after finding support above 90 (intraday low at 90.17). Yet, price remained below yesterday’s close. Copper fell for a second straight day amid reduced Chinese demand. LME copper for 3 months’ delivery jumped to a record high of 9781 yesterday, before plunging to around 9550 today.
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Commodities Retreat as Robust Chinese Growth Spurs Tightening Speculations
