On Monday, the 2nd of December 2019, a number of industrial metals futures’ prices were muddled in the mud over scepticism that an upbeat November manufacturing data in China might not be pointing towards an economic recovery, while zinc futures’ prices fell to its lowest level in three months.
In point of fact, Monday’s (December 2nd) decline of a majority of industry-grade metal futures’ prices came as a surprise as a private sector survey, Caixin one report released on Monday (December 2nd) had revealed that factory activities in the world’s biggest metal consumer, China, grew at its fastest pace in three years, a report that backed another set of robust government data revealed on Saturday (November 30th).
Meanwhile, downplaying impacts of the Chinese Caixin one data that had prior history of undermining major economic downturns, a director of commodities research at BMO Capital in London, Colin Hamilton said on Monday’s (December 2nd) market wrap-up, “A lot of people are doubting the veracity of the Caixin one.
That’s a pretty dramatic turnaround, so there’s a degree of scepticism. Normally the official numbers are above the Caixin one and for two or three months we’ve had it the other way around. ” Citing statistics, on Monday’s (December 2nd) market wrap-up, zinc futures’ prices in the London Metal Exchange fell by 1.3 per cent to $2,243 per ton after touching $2,237, its lowest level since September 4th, while lead futures’ prices shed 1.6 per cent to $1,906 per ton, remarking its weakest level since July 9th and tin dropped 0.03 per cent to $16,490 per ton.
Nonetheless, Nickel futures’ prices posted a rebound of 0.4 per cent to wind down the day at $13,720 per ton after touching $13,610, its lowest level since July 16th, as Indonesia, the world’s largest nickel producer, eased a ban on its nickel exports.