| Commodity markets were roiled on Friday after China cut interest rates for the sixth time in a year, with the focus on the strength of the Middle Kingdom’s resource-hungry economy. Oil and metals initially rallied on the news as traders scrambled to close out bets on lower prices, with lower interest rates potentially boosting China’s economy, where growth has slowed.
Both oil and copper later slipped, however, with traders split on whether the rate cut signalled good or bad news for China, the world’s largest consumer of commodities. “We shouldn’t take today’s announcement as evidence that policymakers have grown more concerned about the economy,” said Mark Williams, chief Asia economist at Capital Economics...............................................Full Article: Source
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