Coal and iron ore led global commodity markets lower on Monday, after China’s economic growth target came in at less than expected, fuelling fears of an uneven recovery in the world’s largest consumer of raw materials.
On Sunday, outgoing premier Li Keqiang announced an economic growth target of “around 5 per cent”, compared with last year’s official goal of 5.5 per cent.
“Everyone’s disappointed by the China [GDP] number,” said Al Munro, senior base metals strategist at Marex, a brokerage. “We’re in a very choppy, uncertain environment”.
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