ANZ's latest commodity piece
Its main focus this week is an in depth look at LNG
But it also makes a few points on China commodities; in brief:
--
ANZ's China Commodity Index (CCI) sank to its lowest level in six months
- Amid concerns over tightening credit conditions in China and stubbornly high inventories
Energy led the sector lower
Precious metals
- lower as geopolitical concerns eased and the FOMC hinted that the normalisation of rates remains on track
Bulks rebound stopped abruptly
- fears of tighter credit conditions pushed traders to the sidelines. This was sparked by reports that mortgage rates in Beijing had been raised for first home buyers
The Industrial sector was also weaker as it got caught up in the selloff
- Base metals capitulated as concerns over supply disruptions eased in copper and nickel markets
--
