Activity levels across China’s economy improved at the fastest pace in years in September, according to Purchasing Managers Indices (PMIs) released by China’s National Bureau of Statistics today. The nation’s manufacturing PMI jumped 0.7 points to 52.4, leaving
The recent Commodity rally is not what it seems
The majority of trading happens at night
Earlier this year, the commodity market started to rally. In particular, the Chinese market saw a rapid rise in volume that make previous bubbles seem tame.
Over 2 months, daily turnover on Chinese future’s market rose by an astonishing US$183bn, which eclipses the previous booms seen in Chinese equities and even the Nasdaq boom of 2000.
Incredibly, the length of time held for these futures contracts barely lasted 3 hours for Steel and iron ore contracts.