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Friday, December 08, 2017 10:36:57 AM
Dec. 8, 2017 8:30 AM ET|By: Carl Surran, SA News Editor
Metals stocks are mostly higher after China reported exports surged 12.3% in November from a year ago, more than double expectations, and imports climbed 17.7%; X +1.5%, VALE +1.3%, BHP +1.2%, CLF +0.9%, FCX +0.8%, RIO flat in premarket trade.
China’s demand for commodities jumped, as the world’s largest consumer of raw materials saw higher imports of copper, crude oil and iron ore; shipments of copper soared 42%, iron ore jumped 19%, and imports of crude oil hit 9.04M bbl/day, their second highest recorded level ever.
Traders say the import data should help support commodity prices, which have been hit by concerns about slowing economic growth in China.
Jefferies analysts say sharp declines in Chinese finished steel exports show improved supply-side discipline while low inventories and strong prices and margins further highlight market tightness; the firm says ArcelorMittal (NYSE:MT) is its sector favorite.
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