Base metals rebound on upbeat economic data for Jan, Feb

SHANGHAI, Mar 14 (SMM) – Nonferrous and ferrous metals in the Shanghai market rebounded across the board and remained firm on the morning of Wednesday March 14 as data on China's economy in January and February were released, SMM found. The National Bureau of Statistics (NBS) released the report on China's economy for the first two months in 2018.

Vice president of Zhongda Futures, Jing Chuan, remained bullish on the development of China's economy. He added that the rapid growth in value added of the industrial enterprises suggested that industrial consumption was picking up, and this is likely to give support to the metals market.

Jiang Xingchun, director of Soochow Futures Institute, also showed great confidence in China's economy. He said that nonferrous metals will not see a significant rally until downstream consumption recovers.

According the the data from NBS, the total value added across industrial enterprises rose by 7.2% year on year.

Total investment in fixed assets (excluding rural households) in January and February went up 7.9% on a yearly basis and the total retail sales of consumer goods in January and February jumped by 9.7% from the same period last year.

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