China Stimulus Fails To Spark A Commodity Price Rally

Major commodities remained unimpressed by the latest Chinese move to prop up its slowing economic recovery, with crude oil prices rising on Wednesday but returning to losses early on Thursday. On Tuesday, China cut its key lending rates, for the first time in 10 months. China’s one-year loan prime rate (LPR) and the five-year LPR were both lowered by 10 basis points, as the world’s second-largest economy and top crude oil importer looks to bolster the post-lockdown economy showing signs of slower growth this quarter. However, the monetary…