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German manufacturing crisis drags into final quarter
Author: FernandoLindt16
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German manufacturing crisis drags into final quarter
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Industrial Metals Remained Pressured on Soft Chinese Import Growth
In the commodity sector, industrial metals remained under pressure, weighed down by disappointing imports growth in China. LME’s copper contract for 3 months’ delivery fell -1.77% while the corresponding aluminum contract was down -1.26% for the day. The benchmark 62% content iron ore contract fell to a 7-month low of US$60.5/tonne at close.
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Industrial Metals Remained Pressured on Soft Chinese Import Growth -
Buying Interest of Gold Emerged below US$1100/bbl
Gold remained pressured as trading was still volatile. Yet, the decline was more moderate and buying interests were seen below 1100. The benchmark Comex contract dropped -0.30% and settled at 1103.3. The recent volatility in gold trading was likely driven by China. It was reported that around 5 tonnes of gold was sold on the Shanghai Gold Exchange in 2 minutes at one point on Monday. The normal volume traded is 25 tonnes in a day.
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Buying Interest of Gold Emerged below US$1100/bbl