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Gold and copper futures led a sharp sell-off in the metals market Tuesday, after hints that China may tighten monetary policy reduced expectations for demand for commodities.
Gold futures for April delivery were down $11.50 at $678 an ounce. On Monday, they closed at a seven-month high as continued defiance by Iran over its nuclear program underscored the metal's safe-haven appeal.
China was a key theme Tuesday after the Shanghai market closed down almost 9% overnight, its biggest single day decline in a decade. Concern that the government is planning restrictive measures to address fears of a bubble in the stock market and hints from the head of the central bank that it may tighten policy triggered the move.
Traders are concerned that measures that slow the Chinese economy will reduce demand for metals.
Crude futures were also lower, losing more than $1 a barrel in recent trade, as the metals selling spilled over into the broader commodities market. Crude traders were also coming to the conclusion that any sanctions the United Nations may impose on Iran for its uranium enrichment program are unlikely to impact oil exports. See Futures Movers.
In the currency market, the yen was rallying sharply against the dollar as traders moved to unwind carry trades, in which investors borrow in a low-yielding currency like the yen, to invest in higher-yielding currencies. |
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發表於 2007-2-27 22:50:24
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發表於 2007-2-27 23:45:39
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