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Commodities suffer on weak China data

Date: Mon, 12 Mar 2012 | Author: Paul Sanderson

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After Greece managed to sort out a package for cutting its debt to private investors last week, commodities picked up in price. But the rally at the end of last week has come to an end as China reported weaker import figures for January and February.

Although imports for these two months rose 7.7 per cent, they were down from December’s growth of 11.8 per cent. Export growth from China slowed to 6.9 per cent in January and February compared to the same period last year and much less than the 13.4 per cent recorded in December.  

This morning three-month copper lost 0.4 per cent on the LME to be down to $8,455 (£5,351), although still higher than Friday’s official price of $8,394 (£5,312).

Aluminium fell 0.3 per cent to $2,233 (£1,413).

WTI oil for April delivery in New York was down 57 cents to $106.83, while Brent Crude in London fell 60 cents to $125.38.

The S&P GSCI index of 24 commodities was down 0.4 per cent today after increasing 0.6 per cent last week. 

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