20.05.2016 - Chinese commodities fall on oversupply concerns
Most Chinese commodities futures fell on Thursday, amid cautious sentiment caused by a supply glut for some industrial metals and a possible U.S. interest rate hike. Some traders are concerned that China's own interest rate easing cycle could be over, limiting the prospects for the world's No. 2 economy and prompting investors to become bearish on commodities amid concerns on demand recovery. Chinese steel and iron ore futures dropped by more than 2 percent, as demand is faltering seasonally. However, steel mills are still picking up production because of rising prices earlier this year, worsening a supply glut that led to accusations China is dumping low-price steel onto global markets...............................................Full Article: Source
Print