Oil Break Below $100 Again, As Commodities Dive on Chinese Lockdown
It seemed like we left behind the coronavirus, after the omicron variant turned out to be quite mild and restrictions were eased in January. But, the new restrictions and lockdown in China are getting investors worried again and commodities are declining across the board.
The sentiment is taking a knockdown on fears that strict lockdown measures will spread to Beijing after the capital city required everyone living or working in Chaoyang district to take three COVID-19 tests this week and put more than a dozen buildings under lockdown.
Lockdowns in more than a dozen cities across the country, including the financial hub of Shanghai, have heightened worries over wider disruption to economic activity and raised some doubts whether China will be able to reach this year’s growth target of about 5.5%. Dalian Coking Coal futures decline by 5.5%, Coke prices fell by %, Iron Ore futures plunge by 8.7%, the most-traded Shanghai Hot Rolled Coils futures fell by 3.5%, while Stainless Steel futures are down by more than 4%.
Crude Oil Daily Chart – WTI Is Below the 50 SMA Again
US WTI Crude Oil Live Chart
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals