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China's yuan devaluation to pressure commodities: Goldman Sachs

Aluminum and steel prices face particular downward pressure, the bank said


China's yuan devaluation signals that global economic conditions have taken a turn for the worse, creating more downward pressure to come for commodity markets, Goldman Sachs said. "The CNY (yuan) devaluation has been important for commodity markets and we believe it signals that global macro conditions have changed," Goldman Sachs said in a note to clients. "Even China has now joined the negative feedback loop that is running between commodity deflation, growth and deleveraging trends... (and) we believe the net commodity market effects are bearish," it ...

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First Published: Fri, August 14 2015. 13:00 IST