CAPITAL MARKETS

Chinese growth fears weigh on base metals

Another shocker for base metals overnight after Chinese GDP data showed a slowdown in the country

Chinese growth fears weigh on base metals

China's economy grew by 6.7% in the second quarter, the slowest pace in two years.

Zinc took another hammering, down by 3.6% to US$2502 per tonne, a fresh 13-month low.

Despite hitting a more than 10-year high earlier this year, zinc has been the worst performer of 2018, down by 25%.

Nickel dropped by 2.2% to $13,571/t, its lowest level since April.

Cobalt slumped by nearly 3.6% to $67,750/t, the lowest point since early December 2017.

The key battery metal is down by 28.5% since peaking at $94,800/t in March.

Lead and tin each dropped by more than 1%, while copper was down by 0.8%, with supply disruptions likely slightly supporting prices.

Aluminium was the only winner, up by 2%.

Oil prices slumped by 4.2% to below $70 a barrel, while gold remained steady at $1241 an ounce.

The Australian market is poised for a weak start with the SPI 200 Futures index trading 12 points down.

 
 
 
 
 
 
 

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