Metals stocks move up as China’s commodity demand picks up
Seeking Alpha
Published Dec 08, 2017 08:30AM ET
Metals stocks move up as China’s commodity demand picks up
- Metals stocks are mostly higher after China reported exports surged 12.3% in November from a year ago, more than double expectations, and imports climbed 17.7%; X +1.5%, VALE +1.3%, BHP +1.2%, CLF +0.9%, FCX +0.8%, RIO flat in premarket trade.
- China’s demand for commodities jumped, as the world’s largest consumer of raw materials saw higher imports of copper, crude oil and iron ore; shipments of copper soared 42%, iron ore jumped 19%, and imports of crude oil hit 9.04M bbl/day, their second highest recorded level ever.
- Traders say the import data should help support commodity prices, which have been hit by concerns about slowing economic growth in China.
- Jefferies analysts say sharp declines in Chinese finished steel exports show improved supply-side discipline while low inventories and strong prices and margins further highlight market tightness; the firm says ArcelorMittal (NYSE:MT) is its sector favorite.
- ETFs: JJC, DBB, JJN, CPER, JJU, BOM, BOS, NINI, JJM, CUPM, BDD, FOIL, RJZ, BDG, UBM, HEVY
- Now read: U.S. Steel: Buy Into Strength
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Written By: Seeking Alpha
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