Copper's Bearish Move

Industrial metals were among the best performing instruments following yesterday's commodities rally on the global market, as it gained close to 3% on a daily basis. Such move was caused by market rumours that PBoC is likely to ease monetary policy further  and the better than expected performance of Shanghai Composite index - which gained well over 4%.

However the copper appreciation proved to be short lived, the metal price is decreasing by about 2,2% today as PBoC decided to devalue Chinese Yuan . It is expected that the yuan devaluation could impact the import by greater margin than exports, decreasing further Chinese copper import.