China’s Economic Data Add to Concerns, Panic Selling Reported in Base Metals Markets

SHANGHAI, Apr. 16 (SMM) –

China’s Q1 GDP Grows 7.7% YoY, Far Below Expectations

Industrial Value Added at China’s Large Enterprises Up 9.5% YoY in Q1

Retail Sales of Consumer Goods Rise 12.6% YoY in March

China’s Fixed Asset Investment Advances 20.9% YoY in Q1

Investment in China’s Property Sector Hits RMB 1.3 Trillion, Up 20.2% YoY 

  
China’s Q1 GDP grew a mere 7.7% YoY, highlighting anemic recovery of the Chinese economy.

Falling base metals prices in China and overseas triggered sell-off and further short selling is expected for the immediate term.  

Price declines were reported in precious metals, base metals and crude oil last weekend. Spot gold on the LME shed 5%, while spot silver also lost nearly 6%. LME copper tumbled more than 3%, while NYMEX crude oil also slid over 3%. As a result, base metals prices opened lower on Monday as expected.

More risks are behind the slump in industrial product prices, and investors should therefore be even more cautious. (Edited by SMM)