“The recent outbreaks of the Delta variants and severe flooding in China threatened to slow its recovery which clouded the demand outlook for industrial metals,” said Yash Sawant, Research Associate, Angel Broking.
He further said, “That, coupled with falling loan growth in China continued to hamper market sentiments. In July’21, China’s new bank loans fell more than expected while broad credit growth plunged to a 17-month low which raised expectation of some policy easing to support the country’s economic recovery.”
However, “US FED officials hinting towards tapering of the expansionary policy amid widening impact of the pandemic overshadowed the possibilities of policy easing by China and continued to push prices lower,” he added.
News Source:- Moneycontrol