China's GDP numbers for the first quarter of 2013 stumbled the prices of the commodities and stocks worldwide. The reports released by the National Bureau of Statistics stated the growth in the GDP of China for Q1 2013 to be at 7.7 percent from the previous year. The economy grew at a slower pace in the first quarter than the growth rate of 7. 9% witnessed in the last quarter of the previous year. The expected GDP growth rate for the first quarter was 8 percent.
In a separate report, contrary to the expectations of a 10% growth in the Industrial output, the Industrial Output growth of China for the month of March stood at 8.9 percent on the previous year. Industrial output for the month of February was 9.9%. Further underpinning the growth recovery in China, the World Bank downgraded the growth forecast of China by 0.1 percent to 8.3%. China stands out to be the largest consumer of Copper in the world.
At the MCX Copper prices for its April end Contract contracted by 2.03% from its previous closing price of 404.5, the metal closed at 396.1 after registering a high of 402.65 and a low of 386.50; this was also the all time low for the contract. On the COMEX the metal traded 0.29% higher at 327.30 USD/lb for its May,13 contract.
Meanwhile Crude Oil touched its lowest level so far this year on the wake of concerns over its second largest consumer. WTI for May delivery decreased by 2.8 percent to close at $88.71 at the NYMEX, the lowest since Dec, 24. At the MCX Crude prices were down by 2.57 percent at 4847, it made an intra-day high of 4956 and a low of 4792.
Demand for Crude Oil in China seems bleak. China's demand for crude oil for the month of March grew by 2.7 percent y-o-y to 9.77 million barrels a day, however the demand was weaker than 10.2 million barrels a day experienced in the month of February. Demand in the month of March was indeed at its lowest level since last October.
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