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China stops and starts commodity rally? Not really

Posted on 07 March 2013

This year’s commodity rally has ended and magically restarted in just five days, and it’s all because of China. Commodity prices dropped on March 1, with London copper hitting a three-month low of $7,659.50 a tonne, on concern that industrial production in China, the world’s biggest buyer of the industrial metal, was losing momentum.
This was because both the official and HSBC Purchasing Managers’ Indexes fell to five-month and four-month lows respectively. The gloomy feeling was amplified by Chinese authorities saying they will take steps to cool property prices, which was interpreted by the market as bearish for construction and, by implication, both copper and iron ore demand………………………………………..Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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