Bearish Sentiment Prevails in Base Metal Market on China Stock Slump and Greek Concerns

SHANGHAI, Jul. 8 (SMM) – Base metal market is now predominated by strong bearish sentiment, with more losses expected on the SHFE, Shanghai Metals Market foresees.  

China again comes under the global spotlight, but not in a good way this time.

The tumble in China’s stock market has triggered worries over economic growth in world’s second largest economy. The panic was also spread to the commodity market, with iron ore price on the Dalian Commodity Exchange closing down at daily limit in night’s trading.  

Greece’s debt issues pose another headache to world’s financial market.

Another risk factor today is the upcoming release of US’s Federal Reserve meeting minutes. If it turns out hawkish, base metal prices will go further in its downward track, SMM says.