ASIA-PAC COMMODITIES UPDATE: Demand outlook hit after IMF’s China GDP downgrade
Analysis details (02:48)
WTI and Brent futures are on a softer footing despite a softer Dollar but in wake of the IMF cutting China’s 2022 growth outlook to 3.2% from 4.4%, which dampens the demand side of the equation for the complex. Furthermore, sentiment is on the backfoot and somewhat fragile after US equities saw Amazon slump around 20% post-earnings. WTI Dec hedges closer to USD 88/bbl to the downside whilst Brent Jan just dipped under USD 94.,50/bbl. Spot gold is flat in a tight USD 4/bbl range and under its 21 DMA at 1,667.86/oz. Base metals are softer with Dalian iron ore falling some 3% at the open, whilst 3M LME copper trims some of the gains seen yesterday – with IMF’s outlook on China hampering the demand outlook.
28 Oct 2022 - 02:47- Research Sheet- Source: Newsquawk
Subscribe Now to Newsquawk
Click here for a 1 week free trial
Newsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include:
- Real-time audio coverage from 0630 to 2200 London time plus Asia-Pac 2200 to 1000 London time
- Teams of analysts covering equities, fixed income, FX, energy, and metals markets
- Real-time scrolling news service with instant analysis
- Daily and weekly pre-market research and calendars
- Video updates covering near-term key risk events & primary trading themes
- One-to-one chat with our expert analysts