FxWirePro: Metals slip as Chinese data triggers growth concern

Metals are sliding lower again today, after yesterday’s sell-off, as global growth concern sparked after dismal Chinese numbers,

• Chinese trade balance in February was just $4.12 billion, as exports slumped 20.7 percent from a year ago. It is the worst number in a year. More importantly, the data comes after European Central Bank reduced its 2019 growth forecast from 1.9 percent to just 1.1 percent at its yesterday’s meeting, and just days after Chinese government reduced the lower target for 2019 growth to just 6 percent, according to forecasts made during the 2019 National People’s Congress.

Metals are on the slid this week amid economic growth concern,

• Except for Aluminum, all base metals are in red today, with Nickel being the worst performer.
• However, precious metals are higher on risk aversion bids.

The selloff is likely to extend further after trading opens in COMEX.