Copper eased despite a recovery in stock markets after their recent
steep slide - Copper on MCX settled down -2.78% at
440.25 despite a recovery in stock markets after their recent steep slide.
China’s foreign exchange reserves rose for a 12th straight month in January as
further gains in the yuan currency and tighter regulations continued to
discourage capital outflows. A pick-up in China’s economic growth and some
progress in the government’s campaign to rein in financial risks have also
helped bolster confidence in its currency, while new channels for foreign
investors to invest money onshore have helped increase inflows. Reserves rose
$21.5 billion in January to $3.161 trillion, compared with an increase of $20.2
billion in December, central bank data showed. It was the first time that
China’s reserves have climbed for 12 months in a row since June 2014, and
brought its stockpile -- the world’s largest -- to the highest since September
2016. Restrictions on industrial output this winter have affected some of
China's biggest copper smelters.
Crude Oil Stays Weaker In Asia Despite Record Imports By China In
January - Crude oil shrugged off record
imports by top buyer China in January reported on Thursday and stayed with a
negative trend overnight in the US where fresh levels of shale output continues
to come to the market as a counterweight to OPEC-led curbs.China's China's
crude oil imports in January jumped 20% to a record 40.64 million metric tons,
equivalent to 9.57 million barrels per day (bpd), up from around 7.94 million
bpd in December and the previous high of 9.17 million bpd in March of 2017.
Overnight, crude oil prices settled sharply lower after data showed US domestic
oil supplies rose for the second straight week while domestic production rose
further above 10 million barrels per day. The sharp build in product
inventories such as gasoline and distillate comes amid a slowdown in refinery
activity as refiners enter a period of maintenance. Subdued refinery activity
lessened demand for crude oil, contributing to the recent build in inventories.
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