Tuesday, November 16,
Shanghai stock exchange extended losses on fear of rate hike by Chinese govt. in order to control Inflation. It fell by 4 %, where as emerging markets like India was also seen affected by overheating of Chinese economy and got corrected by 3%.
Metal markets were majorly hit. Steel re-bar futures on Shanghai future exchange corrected by 5% from the 15 month high in the past week.
Similar trend was noticed in Indian steel market. Indian steel futures corrected by 4% in 5 trading sessions indicating weaker demand.
Spot prices of Fe 63.5 cargo of India fines was heard being quoted at $163/MT i.e. down by $1/MT from the offers made in the morning session.
Whereas, dollar index gained momentum with rupee closing at 45.13 against one Dollar. Copper prices too fell on LME on dollar strengthening.
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