Markets are not enjoying the China data. From the SMH blog:
Shanghai copper has dropped by its 5 per cent daily limit to its lowest in more than four years after weak Chinese trade data fanned concerns over its metals industry following the country’s first domestic bond default last week.
The most-traded May copper contract on the Shanghai Futures Exchange has plunged 5 per cent to 46,670 yuan ($US7600) a tonne, its lowest since September 2009.
On the Comex in New York, copper futures for delivery in May slid as much as 2.8 per cent to $US2.9955 a pound, the lowest intraday level since June 25, and last traded at $US3.0205 in Tokyo. The metal fell 4.2 per cent on Friday, the biggest drop since December 2011, and dropped 3.3 per cent last week.
‘‘It’s a bit of panic selling on concern that China’s demand is slowing,’’ said Kazuhiko Saito, a Tokyo-based analyst at commodities broker Fujitomi. ‘‘China is driving industrial metals lower.’’
Remember that Dr Copper, a proxy for global demand, is sitting right on the very key technical level at $3:
Dalian iron ore futures are also limit down at 755 or minus 3.9%:
And rebar future are down almost as far…
