- Shares of global miners are poised for sharp losses after China reported a surprise slowdown in business activity during August: VALE -3.1%, RIO -2.7%, BHP -2.2% premarket.
- China's value-added industrial output, a rough proxy for economic growth, slowed for a second straight month, rising 6% in August vs. a 6.4% increase in July, and growth in investments was the slowest in nearly 18 years.
- Copper is lower again following the data, and prices have now unwound by more than 7% since hitting their three-year peak on Sept. 6.
- With margin-seeking investors selling their copper holdings in to LME warehouses, stocks increased another 16% during today's trade, according to data from commodities broker Marex Spectron.
- Other relevant tickers include FCX, TECK, SCCO, OTCPK:GLCNF, OTCPK:GLNCY, OTCPK:AAUKF, OTCPK:AAUKY, OTC:ANFGF, OTCPK:ANFGY
- ETFs: JJC, DBB, JJN, CPER, JJU, BOM, JJT, BOS, NINI, LD, JJM, CUPM, BDD, FOIL, RJZ, BDG, UBM, LEDD, HEVY
- Now read: Freeport-McMoRan: No Real Impact From Framework Of Indonesian Deal
Original article