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Metal prices were mostly higher on Monday as the dollar weakened against most currencies, with investors weighing China''s rate cuts and looking ahead to the Federal Reserve''s interest rate decision. In afternoon trade, gold on the Comex was up 0.43%, silver increased 0.62% and copper rose 0.21%, while spot platinum fell 0.52%.
The People''s Bank of China last week decided to cut its one-year deposit rate and one-year lending rate by 25 basis points each to 1.5% and 4.35%, respectively. The PBoC also cut the reverse requirement ratio for all banks by 50 basis points to 17.5%.
FXTM research analyst Lukman Otunuga said the move had renewed fears about the pace of growth in China''s economy. However, China Premier has soothed the market by saying the 7% growth target was never set in stone, Otunuga added.
Investors are now waiting with bated breath for the Fed''s decision on interest rates on Wednesday. The consensus forecast is that the central bank will keep rates unchanged at 0.25% amid low inflation and concerns about risks from a slowdown in emerging economies.
Moody''s warned on Monday that weakening macroeconomic growth indicators and negative investor sentiment will continue to weigh on base-metals industry fundamentals in 2016.
"Slowing growth rates in China and Brazil, continued sluggishness in Europe, and a weak recovery in the US will contribute to a more muted demand picture and, importantly, less optimism about the pace of future growth," the ratings agency said.
On the London Metal Exchange, three-month contract futures were mainly lower including primary aluminium (-1.0%), copper (-1.2%), nickel (-1.0%), tin (-2.5%), zinc (-0.4%) and lead (+0.1%).
Oil stocks, meanwhile, declined on concerns about growing supplies of petroleum products. Goldman Sachs warned in a note on Sunday that crude oil prices could drop sharply as refined product storage sites come close to maximum capacity in the US and Europe, adding to worries about an oversupply.
Brent crude futures fell 0.3% to $47.80 per barrel and West Texas Intermediate dipped 0.9% to $44.17 per barrel at 1532 GMT.
In agricultural commodities, CBOT corn and wheat were higher (+0.66% and +3.36%, respectively) while ICE cocoa rose (+0.83%). On the downside were ICE cotton (-0.49%) and live cattle (-1.39%).
金屬展-冶金展-2016廣州金屬暨冶金工業展覽會-亞洲最大金屬冶金展-巨浪展覽
-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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