Iron ore fell to its lowest level of the year and copper plunged more than 6 per cent as Chinese investors led a wave of selling across industrial commodities markets amid concerns of a global economic slowdown.
The sharp falls came as the Euro zone debt crisis entered a crucial week of negotiations. At the same time, however, investors are concerned by the possibility of a hard landing in China, which accounts for more than 40 per cent of demand for many industrial metals.
Those fears have been exacerbated by the sharp drop in spot iron ore prices. Benchmark Australian iron ore with a 62 per cent iron content delivered to China, which had been relatively stable amid the commodities sell-off over the past few months, fell to $145 per ton, down 20 per cent from an early September peak of $183.
Duncan Hobbs, analyst at Macquarie, said the fall in the iron ore spot price was "reinforcing perceptions of a slowdown of the Chinese economy" and was affecting sentiment of other industrial metals in spite of bullish supply and demand fundamentals, especially in copper. China this week reported GDP growth of 9.1 per cent in the third quarter the lowest in two years.
Analysts said large steel mills in China were reporting declining orders and that aggregate steel output should probably be reduced in the short term.
Negative sentiment in China also weighed on industrial metals. Copper for delivery in three months at the London Metal Exchange, the bellwether of the base metals markets, fell as much as 6.5 per cent to a low of $6,710 a ton. That was slightly more than a 14-month low of $6,635 touched this month, and the lowest close since July last year.
Prices of copper and steel on the Shanghai Futures Exchange seen as the clearest indicator of sentiment in China have fallen even more sharply than global market prices in recent days. SHFE rebar a form of steel bar used in construction for delivery in three months has tumbled 20 per cent since September's start, and on Thursday fell to within reach of a two-year low.
Henan Hongxing Mining Machinery Co., Ltd. is a professional ore-dressing equipments and sand maker manufacturer in China, who can provide the most suitable ore-dressing equipments for customers.
Mobile impact crusher : http://www.hxjqcrusher.com/crusher/Mobile-crusher-station.html
Impact crusher : http://www.hxjq-crushers.com/6.htmIron ore fell to its lowest level of the year and copper plunged more than 6 per cent as Chinese investors led a wave of selling across industrial commodities markets amid concerns of a global economic slowdown.
The sharp falls came as the Euro zone debt crisis entered a crucial week of negotiations. At the same time, however, investors are concerned by the possibility of a hard landing in China, which accounts for more than 40 per cent of demand for many industrial metals.
Those fears have been exacerbated by the sharp drop in spot iron ore prices. Benchmark Australian iron ore with a 62 per cent iron content delivered to China, which had been relatively stable amid the commodities sell-off over the past few months, fell to $145 per ton, down 20 per cent from an early September peak of $183.
Duncan Hobbs, analyst at Macquarie, said the fall in the iron ore spot price was "reinforcing perceptions of a slowdown of the Chinese economy" and was affecting sentiment of other industrial metals in spite of bullish supply and demand fundamentals, especially in copper. China this week reported GDP growth of 9.1 per cent in the third quarter the lowest in two years.
Analysts said large steel mills in China were reporting declining orders and that aggregate steel output should probably be reduced in the short term.
Negative sentiment in China also weighed on industrial metals. Copper for delivery in three months at the London Metal Exchange, the bellwether of the base metals markets, fell as much as 6.5 per cent to a low of $6,710 a ton. That was slightly more than a 14-month low of $6,635 touched this month, and the lowest close since July last year.
Prices of copper and steel on the Shanghai Futures Exchange seen as the clearest indicator of sentiment in China have fallen even more sharply than global market prices in recent days. SHFE rebar a form of steel bar used in construction for delivery in three months has tumbled 20 per cent since September's start, and on Thursday fell to within reach of a two-year low.
Henan Hongxing Mining Machinery Co., Ltd. is a professional ore-dressing equipments and sand maker manufacturer in China, who can provide the most suitable ore-dressing equipments for customers.
Mobile impact crusher : http://www.hxjqcrusher.com/crusher/Mobile-crusher-station.html
Impact crusher : http://www.hxjq-crushers.com/6.htm
- Author Articles
- More From This AuthorThe rotary kiln preheat system blockage is a common phenomenon. Blockage occurs not only disrupted the thermal regime of the kiln, to reduce the kiln production and clinker quality, and time-consuming to...At present, the form of crusher is so much. According to the main force of the broken material, it can be roughly divided into compression type, impact type, shear-type crusher. How to select a coal...At present, due to the sand content with increasing, the supply of sand mining operations in natural sand aggregate is hard to meet the demand of the market. Therefore, mechanism, or artificial system sand...With social development, any kind of technology will make progress and get continuous improvement. Learning through media, artificial stone processing in China has been increasingly widely used, and the...Industrial talc raw materials are generally divided into slippery rocks and talc two is nearly ten kinds of industrial production of raw materials (chemicals, pharmaceuticals, ceramics). Talc separation...
- Related Articles
- Related ArticlesWhen planning a wedding, there are many things to take into consideration. One of them is a photographer. Everyone wants to take pictures of your special day, that memory will remain fresh in their minds, and...Today, people group did photoshoot hobby. You can see a few people who were wearing their high-end cameras with them to get in the spa, take its course. From the looks, take pictures looks very interesting....There is great news for all those that wish to sell products online but do not have resources to be able to do so. There is an experienced Amazon store developer with more than a decade of industry experience....Fences are used to create a welcoming picture of home or a wall of privacy and security. The absence of it can make ones property prone to trespassers. These visitors may damage it in many different ways and...Net crop up the planet pandora box alone to gain rather your Net pop nicely Pandora box specifically as for the awfully the person If you ever buy a necklace around your neck, Buy the one that is suitable...
- Latest Articles
- Latest ArticlesA homeowner has options to choose from a variety of residential awnings to suit his needs. Many people prefer buying awnings that complement the design and décor of their home. Also, people often choose...Celebrations are in the air as the entire country celebrates the completion of 100 years of Indian Cinema. The very first film was a silent movie, Raja Harishchandra made by Dada Saheb Phalke was released 100...The presence of psychics has been witnessed throughout the history of most cultures. The average people referred to them as 'the wise one'. Kings, queens, and the politicians had always sought advices from...It is necessary for the companies to create responsive email design so that people can read the emails even on their mobile phones. If the companies opt for responsive email design and coding techniques to...Sports bring enthusiasm, excitement, sportsmen sprit and discipline in the life of an individual. Tennis is one of the popular among them. Tennis tournaments are very popular and a great excitement to watch....
