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China’s Data Hurts Commodity Market

October 19, 2015 at 20:15 by Vladimir Vyun

China released a bunch of macroeconomic reports on Monday. The Asian nation, being the world’s second biggest economy, has a big impact on the commodity market. Unfortunately for commodities, the data was not that good, resulting in a slump of most raw materials.

China’s gross domestic product grew 6.9 percent in the third quarter of 2015. While it was a bigger increase than the 6.8 percent predicted by analysts, it was slower compared to the previous quarter’s growth of 7.0 percent. Industrial production rose 5.7 percent in September from a year ago. Not only the growth was slower than the August’s 6.1 percent expansion, it was also below the median forecast of a 6.0 percent increase.

December futures for delivery of gold slid 1.1 percent to $1,170.1 per troy ounce as of 20:07 GMT on COMEX today. Silver dipped 1.86 percent to $15.82 per ounce. Copper dropped 1.6 percent to $2.365 per pound. November contract for delivery of WTI crude fell 2.5 percent to $46.08 per barrel on NYMEX. December Brent crude tumbled as much as 3.43 percent to $48.73 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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