LTHM - Miners poised for large opening losses as China data disappoints

Metals and mining shares are weak in pre-market actions after China's industrial production rose at a considerably slower rate in July than in June, sparking worries over a slowing recovery. Industrial metal miners and steelmakers are broadly lower: FCX -3%, STLD -2.7%, RIO -2.4%, CLF -2.3%, NUE -2.3%, BHP -2.1%, X -1.8%, CENX -1.7%, AA -1.6%, VALE -0.7%. Lithium companies exposed to Chinese demand are also indicated lower: SLI -8.9%, LTHM -4%, LAC -2.3%, ALB -1.8%, SQM -1.8%. "While growth will inevitably slow from the reopening surge seen in Q2-Q3... our economists still expect the world to have recovered significantly [from the delta variant of the coronavirus] by mid-2022," Goldman Sachs analysts say. "For commodities, the slowdown in growth is unlikely to derail the bull market, as the level of activity remains elevated and inventories continue to draw," Goldman says. BHP also is in talks to exit its oil and gas

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Miners poised for large opening losses as China data disappoints