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China’s Data Hurts Industrial Metals & Energy Markets

March 10, 2014 at 16:55 by Vladimir Vyun

The industrial metals and energy markets were hurt by poor economic data from China released over the weekend. The country’s trade balance demonstrated an unexpected deficit of $23 billion in February, while analysts hoped for a surplus of $13 billion. Annual consumer price inflation slowed from 2.5 percent to 2.0 percent last month, trailing market expectations.

The reports followed Friday’s news about the first company default in China on the record. China is one of the biggest economies of the world and its performance affects the global economy strongly. Previously, the Asian country was the source of good news and optimism, but it looks like the country fuels mostly pessimism nowadays.

Futures for delivery of copper in May lost as much as $0.0445 (1.44 percent) to $3.0380 per pound as 16:44 GMT on COMEX today. April contract for WTI crude oil tumbled $1.40 (1.36 percent) to $101.18 per barrel on NYMEX. Brent crude declined $1.01 (0.93 percent) to $107.99 per barrel on ICE.

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