China: Economic data provides mild support for commodities - ANZ

Research Team at ANZ, suggests that relatively stable economic data in China saw mild support for commodities.

Key Quotes

“Industrial metals pushed higher after data showed growth in industrial production in China remained stable at 6% in May. A fall in copper inventories on the LME also saw concerns over weak demand in China ease. Stronger rebar prices saw iron ore prices gain as traders returned after a four day break for the Dragon Boat festival.

Another poll showing the chances of Britain leaving the EU remains high continues to push gold prices higher as investors seek safe haven assets. Gold is also finding support from easing expectations of a rate hike by the Fed this week. Oil prices struggled to follow the rest of the complex as investors ponder the impact of a rising rig count in the US.”