Base metals fell in Shanghai towards morning on Tuesday, April 13, 2021. There were also broad losses on the London Metal Exchange. Cause here probably the expected Chinese trade data.
Chinese trade surplus declines significantly in March
As expected, the trade data were then also published on Tuesday. Chinese exports rose by 30.6% year-on-year in U.S. dollar terms last month. And thus, fell short of analysts’ expectations by just under 5%. Imports in U.S. dollars to China, on the other hand, exceeded expectations by nearly 15% in March.
The Chinese trade surplus thus declined to $13.8 billion. More than $38 billion more than had been expected.
Economic recovery in China is getting to a more mature level
Speaking to CNBC, Paras Anand, Asia-Pacific chief investment officer at Fidelity International, said, “As we’re now moving into the recovery in China getting to a more mature level, we’re starting to see consumption also picking up very strongly.”
Which could be taken as a hint that we will see even stronger numbers in the near future.
“Sell the rumor. Buy the fact.”
Thorsten Gerber, CEO of Gerber Group told us about this, the modified stockbroker phrase: “Sell the rumor. Buy the fact.”
Various base metals, which had to accept significant losses in the morning, turned positive again on Tuesday after these reports.
Source: gerber-steel.com
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