China’s exports are 3.2% below May’s forecast
As revealed by National Statistics Bureau data, China’s export growth rate slowed more than expected during May.
Exports rose 27.9% in May compared to the previous month, despite a decline from 32.3% in April. It also fell below the consensus forecast of 32.1% growth.
– Advertising –
Imports increased 51.1%, up 7% from April. It was the fastest growth in over a decade despite falling below consensus expectations for a 53.5% jump.
Copper prices also fell on Monday, leading to concerns over a delayed demand for red metals. Because of its wide range, copper looks like its natural state in the global economy.
Copper composites fell 2.8% at lunchtime at 446.3¢.
“The only news released since (DIP) is China’s export data,” Singapore-based Metals Trader told Reuters.
“The rebound on Friday was already running that course, so you’ll need to go back down first (price) can go up. Traders refer to a 1.7% increase in London on Friday, while traders are He added, “Medium term views are still bullish.”
According to Capital Economics, ShareCast: Certainly, supply constraints should start to be easier later this year. However, the pandemic-inducing surge in China’s export demand appears to be losing momentum, with global consumption patterns turning back to normalizing behind vaccine rewinds and easing social distancing restrictions It should be. ”
“The relatively modest level of PMI’s export order index (measuring the share of companies seeing rising orders) gives an understanding of how concentrated the current strength of foreign demand is, and the pullback is in response to the current pullback. It becomes vulnerable.”
