Most of the Asian equities are on the negative zone last Thursday’s session and the U.S. Federal Reserve’s was fastened to a non-dovish inclination last night. The price of metal also fell on the prior day.
The slump of copper prices already took place before the rise in stockpiles heightened concerns regarding the stagnant economy of China, given that is the biggest metal consumer. Patersons’ economic strategist Tony Farham said on Thursday morning that most of the metal prices were ignited in the LME trading last Wednesday. He added that zinc, spot copper and nickel prices fell by 3 percent on the same day.
The stockpile growth compounded worries when April’s Caixin/Markit manufacturing PMI showed a drop to 50.3. The slump of base-metal prices already supported the strengthening of the Australian currency. The Australian dollar was trading $0.7403; lower compared to the figures posted with $0.7422.
Across the Korean Strait, the Kospi was higher by 0.93 percent; it added 20.59 points to settle at 2240.26 before the closing of Wednesday’s trade. Australian benchmark S&P/ASX 200 however was lower by 0.27 percent, or 15.942 points to finish at 5876.40. Meanwhile Japanese markets are shut due to the Greenery Day holiday.
China’s Shenzhen Composite fell by 0.28 percent or 5.39 points at 1896.36, and the Shanghai Composite edged down 0.26 percent or 8.056 points at 3127.29. Hang Seng Index in Hong Kong also finished lower by 0.05 percent or 12.25 points at 24,683.88.
Straits Times Index in Singapore lost 0.21 percent. Taiwan’s Taiex however closed higher by 0.12 percent 12.31 points at 9967.64.