Metals prices still holding on

There were some signs of fading investor enthusiasm for industrial metals last month. Although January-February economic data out of China were encouraging, the shift in timing of the Lunar New Year holiday can create distortions. Moreover, stocks of many metals were rising. A clearer picture of Chinese demand should emerge over the next couple of months. Meanwhile, gold took the Fed rate hike in its stride and rallied on a relatively dovish Fed statement.