Copper, nickel prices retreat on weak Chinese export data
Traders were quick to hit their sell buttons as official figures released in Beijing today showed exports in February were down a whopping 25.4 percent from the previous year.
Half the world’s copper mining is controlled by just three countries, and China alone refines 40% of the metal central to the green energy transition away from fossil fuels.
China, the world's biggest importer of most major commodities, has already made several attempts to stall a surge in prices for everything from iron ore to coal.
Country is considering longer-term measures to grab a bigger slice of mining companies’ profits once a temporary export tax finishes at the end of this year.