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Further drops in base metals prices in international markets and an unprecedented downgrade of US debt over the weekend have set the stage for a further fall in prices today Cheap NBA Jerseys , with some investors sitting out in anticipation of tomorrow's release of China's economic and trade data for July.
The benchmark three-month copper contract on the London Metal Exchange ended Friday at $9,114 per ton, down from $9christian louboutin big lips 120 black leather pum,158 per ton when the SHFE closed Friday afternoon. The contract fell 2.5 percent for the day, following a 2 percent loss Thursday in a massive commodities sell-off that stretched over the two days.
In the US, the most active Comex copper contract fell 2.8 percent Friday to settle at $9,076.43 per ton.
Analysts had been waiting on the release of the US government's monthly employment data early Saturday morning to see whether they would affect metals prices. However, the July numbers Cheap NBA Jerseys , though not terrible Cheap NBA Jerseys , showed that the US barely produced enough new jobs to keep up with population growth.
Adding to the uncertainty was US rating agency Standard and Poor's downgrade of US government debt from triple-A to double-A-plus.
This week, analysts said they are anticipating the release of China's economic data and trade data for July and the US Federal Reserve's Open Market Committee (FOMC) meeting Wednesday.
China's economic data will help the market determine whether another interest rate hike is imminent, Liu Biyuan, a base metals analyst for Guangfa Futures, told the Global Times. "If there's no bad news, prices will likely stop falling."
The market will be watching the FOMC meeting for any hint of another stimulus program from the Fed to shore up the faltering US economy, said Zhuo Guiqiu, a metals analyst for Minmetals Futures.
"Economic data, including PMI figures, have been poor; China's economy is slowing, while the US and Europe are trapped in sovereign debt problems Cheap NBA Jerseys ," he told the Global Times. "The economic recovery seems to be losing its momentum."