Heavy selling hit the base metals, with copper posting its biggest two day loss since 2015, strategists at ANZ Research apprise.
Key quotes
“Signs of weakening demand are emerging by the day. Inventories on the LME jumped 22% yesterday, pushing the year to date gain to over 50%.”
“Sentiment was also impacted by the weak economic data out of China. Industrial production in Jan-Feb fell 13.5%, while retails sales were down 20.5% for the same period.”
“The fall in prices in getting a response from the supply side, with several top producers announcing cutbacks to output.”
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