The rout in Chinese commodity futures appears to be over for the moment

Photo: Kevin Frayer /Getty Images.

The rout in Chinese commodity futures is over, at least for the moment.

Here’s the final scoreboard for Thursday:

  • SHFE Copper ¥47,300 , 1.90%
  • SHFE Aluminium ¥13,435 , 0.56%
  • SHFE Zinc ¥22,890 , -0.48%
  • SHFE Nickel ¥92,980 , 0.58%
  • SHFE Rebar ¥3,187 , 4.84%
  • DCE Iron Ore ¥595.00 , 5.12%
  • DCE Coking Coal ¥1,306.50 , -0.11%
  • DCE Coke ¥1,782.00 , -1.05%

After three days of relentless selling, most base and bulk commodity futures rose on Thursday, underpinned by the release of robust Chinese economic data earlier in the session.

The official manufacturing purchasing managers index (PMI) released by the NBS jumped to 51.7 in November, leaving it at the equal highest level seen since April 2012.

Providing an extra excuse to buy into rebar and iron ore futures, a separate steel industry PMI released by the NBS and Federation of Logistics and Purchasing, rose to 51.0 in November, up from 50.7 in October.

While production levels fell for the first time since June, that was countered by strength in new order levels. Again, a good sign for activity levels heading into 2017.

The new orders subindex rose to 55.9 — indicating a strong increase from a month earlier — while new export orders rebounded to 50.2 having declined in October.

Alongside fundamental factors, renewed weakness in the Chinese yuan against the US dollar, something analysts at Goldman Sachs believe was responsible for 60% of the rally in iron ore seen in October, may also have been a factor underpinning market gains.

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