MNI China Daily Summary: Monday, October 14

MNI BRIEF: China Sep M2 Rises To Four-Month High

MNI BRIEF: China Foreign Trade Grow Steady; Exports +4.3% YTD

MNI BRIEF: China Foreign Trade Facing Pressure In Q4

CHINA YTD NEW LOANS CNY16.0 TRLN VS MEDIAN CNY16.3 TRLN: PBOC

CHINA SEP EXPORTS +2.4% Y/Y VS MEDIAN +6.0% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.2% Y/Y IN YUAN TERM: CUSTOMS

MNI BRIEF: China Sep CPI Slows To 0.4% Y/Y On Base Effects

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.20B BSL

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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METALS: Iron Ore Bounces With China Property Stocks, Copper Softer

METALS
Metals bulletBulletCommodities

Metals are mixed in the first part of Monday trade. Iron ore is generally tracking positively, up nearly 1.75% for the active SGX contract. This puts us back to $108.05/bbl. Earlier October highs were at $155/ton. Copper is not rallying though, down around 1%, back to $445 on a CMX basis (but this is still above earlier Oct lows). 

  • China equities have been volatile since the open but since modestly firmer at this stage, although the property sub index on the CSI 300 is outperforming. There was disappointment around the lack of details from the MOF briefing over the weekend, but commitment to stabilize housing sentiment may be aiding related equities.
  • This could be driving positive spill over to iron ore, also note steel futures are up close to 2% so far in China today.
  • On the inventory side, we edged down a little bit last week in terms of total inventories at China ports. The trend is right for inventories, but the rate of decline is very modest at this stage. 
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Metals are mixed in the first part of Monday trade. Iron ore is generally tracking positively, up nearly 1.75% for the active SGX contract. This puts us back to $108.05/bbl. Earlier October highs were at $155/ton. Copper is not rallying though, down around 1%, back to $445 on a CMX basis (but this is still above earlier Oct lows). 

  • China equities have been volatile since the open but since modestly firmer at this stage, although the property sub index on the CSI 300 is outperforming. There was disappointment around the lack of details from the MOF briefing over the weekend, but commitment to stabilize housing sentiment may be aiding related equities.
  • This could be driving positive spill over to iron ore, also note steel futures are up close to 2% so far in China today.
  • On the inventory side, we edged down a little bit last week in terms of total inventories at China ports. The trend is right for inventories, but the rate of decline is very modest at this stage.