Base metals prices plunge on disappointing Chinese trade data

14:26 • 09.03.20
Economy

With the exception of that for lead, base metals prices on the Shanghai Futures Exchange fell heavily during the morning trading session on Monday March 9 after investor confidence was hit by the release of poor Chinese trade data over the weekend, Metalbulletin.com reported.

Trade figures released by the Customs General Administration of China (CGAC) on Saturday showed that China’s dollar-denominated trade balance swung to a $7.1-billion deficit in the first two months of the year from a $46.8-billion surplus in December 2019.

China’s yuan-denominated trade balance stood at a deficit of 43 billion yuan ($6.2 billion) in January-February after the 329 billion surplus achieved in the final month of last year, according to the CGAC.

Chinese exports fell by double digits in the first two months of the year after government measures to prevent the spread of novel coronavirus (2019-nCoV) led to the shutdown of factories across the country early this year.

Customs data showed China’s exports slumped by 17.2% from a year earlier to $292.4 billion in January-February, a sharp reversal from the 7.8% year-on-year increase recorded in December 2019. Imports fell by a more marginal 4% to $299.5 billion over the same period after a gain of 16.3% previously.

Meanwhile, the rapid spread of the coronavirus throughout Europe and the United States continues to overhang risk sentiment amid fears of a global pandemic.

Italy has reported a total of 366 deaths as a result of the coronavirus outbreak with 7,375 confirmed infections. The rapid rise has led Italian authorities to impose a quarantine in Lombardy and other severely affected areas.

 

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