Slower rise in US CPI lifts China commodity prices
The US Consumer Price Index (CPI) rose by 7.7% on year and by 0.4% on month in October, according to the latest data released by the US Labor Department on Thursday. The increases were smaller than economists had expected, however, with the on-year growth in the CPI dipping below 8% for the first time since February this year, the data showed.
CAAM: China’s auto sales in Oct grow 6.9% YoY
Sales and production of automobiles throughout China during October grew by 6.9% and 11.1% respectively on year, according to the latest data released by the China Association of Automobile Manufacturers (CAAM) on November 10.
Slowdown of US inflation stimulates copper trading enthusiasm
The Shanghai Futures Exchange’s (SHFE) warehouse warrants for copper futures rose by 7,241 tonnes day on day to 32,247 tonnes on November 11, leading to a week-on-week increase of 13,546 tonnes or 72.43%, and a surge of 22,579 tonnes or 233.54% month on month.
US October CPI data released last night was 7.7% year on year, decreasing sharply from 8.2% of the previous period and below the expectation of 7.9%. The stronger-than-expected slowdown in inflation has provided the Federal Reserve more room to slow interest rate hikes and led to a rapid return of risk appetites in financial markets. The sharp drop in the US dollar index pushed the nonferrous metals prices higher. Market sentiment has been boosted by China’s continued economic stimulus policies.
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