China’s slowdown leading metal prices to ‘new equilibrium’

May 07, 2013 | 11:29 AM |

Tags  Copper, commodity prices, China slowdown, gross domestic product, GDP, Ian Roper, CLSA Asia-Pacific Markets, John Browning Jefferies Bank

SHANGHAI — Lower-than-expected economic growth and a downward drift in commodity prices will become more evident this year as China’s new leadership begins a rebalancing and remodeling of the economy.

The 7.7-percent gross domestic product (GDP) growth rate in the first quarter, slightly below anticipated levels, was partly to blame for a recent fall in copper prices and another round of reductions in analysts’ price forecasts.

But this is seen as just the beginning of a slowdown under which China’s government will be reluctant to intervene to prop up the economy unless absolutely necessary for social or political stability. ....

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