- Major raw materials producers are broadly lower following weaker than expected economic data from China, which sent prices down for nickel, copper and other base metals: BHP -2.3%, RIO -2.5%, VALE -2.8%, SCCO -2.3%, TECK -2.3%.
- The Chinese data... paint a view of the Chinese economy where growth looks to be slowing,” says Danske Bank analyst Jens Pedersen. “The way we see China here in the big picture is for credit tightening, which is feeding through to the real economy, and that will mean lower demand for base metals.”
- Adding to pressure on Freeport McMoRan (FCX -4.9%) in today's trade, the company's Indonesian unit closed the main access road to its Grasberg copper mine for the second time in three days after another shooting.
- ETFs: JJC, DBB, JJN, CPER, JJU, BOM, JJT, BOS, NINI, LD, JJM, CUPM, BDD, FOIL, RJZ, BDG, UBM, LEDD, HEVY
- Now read: Vale Is Looking Increasingly Healthy
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Global miners, base metals prices slide on China data
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