US Treasury Secretary Yellen expresses concerns over China's impact on global commodity prices and production patterns. Reports suggest Chinese over-capacity is affecting the US market, potentially leading to job losses. Chinese economy showing signs of recovery with commodity futures opening higher, including gold reaching a historical high. Changes in Chinese SHFE warehouse stocks indicate fluctuations in metal inventories.
#China SHFE warehouse changes (weekly update): #Copper +5,138t (+1.80%) #Aluminum +17,083t (+8.55%) #Zinc +1,019t (+0.84%) #Lead -4,408t (-8.22%) #Nickel +120t (+0.58%) #Tin +958t (+7.97%) #Rubber -250t (-0.12%) https://t.co/FOJfKWFCY2
⚡Most commodity futures open up in #China on Friday. #Gold futures up 1.6% as $XAU refreshed historical high. INE crude oil rises 2% to 645 yuan per barrel. #OOTT #Aluminum +0.8%, #zinc +0.4%, #tin +0.35%, #nickel +0.33%, #copper +0.15%. #IronOre drops 0.9%, while #steel rebars… https://t.co/yZXvlpVVAx
#China #Deflation Could Trickle Down to #Commodities - If the Chinese economy can recover promptly this year, commodities might stabilize. My bias is with the typical process of probing for break-even cost lows following the high-price cure extremes from 2022 peaks. The chart… https://t.co/7GYyDfZggH
WSJ: "Another China Shock" as Chinese factory over-capacity is dumped into America. Last time this happened in the 2000's it wiped out 1/3 of our manufacturing jobs -- 6 million lost. This time could be even worse. Because Chinese aren't buying their own factory output. And… https://t.co/aiBnosXRRH
Yellen is Yellin’ Okay, China’s economy is not collapsing. In fact, Chinese manufacturing and exports are booming. 😭 But at what cost? Yes! It’s all about “excess capacity” that is wreaking havoc around the world! Poor consumers all over the world are bamboozled into buying… https://t.co/Cd8A3ninu1
As commodity prices bounce, Yellen says China is distorting global prices and production patterns as it restarts its industry... $USO $UCO $SCCO $FCX So what does she plan to do about it, tell them to slow down their economy? Ridiculous...