Commodity markets swing on US strike resolution, China data

📆 9/16/2022 3:32 PM
📰 FinancialReview

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While Chinese economic data beat expectations, iron ore prices dropped amid signs of further weakness in the country’s troubled property market.

Volatility across commodity markets extended into Friday’s session after an 11th-hour deal was brokered with US rail workers to avoid a catastrophic rail strike, and mixed Chinese economic reports failed to ease concerns of an economic slowdown.

Iron ore futures on the Dalian Commodity Exchange dropped nearly 2 per cent to 710.50 yuan per tonne. “Consequently, these numbers are likely to remain a blot on the economic landscape for quite a while.”However, other economic reports out of China on Friday were more positive, with industrial production, retail sales and fixed-asset investment figures all beating economists’ expectations.

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