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After initial gains, commodities are back in red today, in spite of China's move to weaken the Yuan and help the country's ailing economy. China devalued Yuan fix by -1.9%.
Market is not at all seem convinced that this move is likely to benefit global commodities. Some analysts are even concerned that the move will reduce demand for commodities in China, especially from outside. In a separate report months back, it seems Chinese power grid is likely to rely more on domestic aluminum for its cables than imported copper.
Moreover weaker Yuan might even reduce consumption of precious metals by Chinese consumers.
- Brent crude is down -1.5%
- WTI crude is down -3.05%.
- Copper is down -2%.
- Aluminum is down close to -1.75%
- Nickel is down close about -3.7%
- Natural gas is down -0.4%
- Silver is down -0.2%
Only gold is showing some strengths, which is up marginally by 0.25%, trading at $1108/troy ounce.
As of now, it looks like commodity rout is far from over.
