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[ferro-alloys.com]US investors are currently wary of the metals sector, due to the outlook for slowing growth in China and ongoing trade friction with the US, investment bank Citi said in a report.

China economic data for December released this week was "weak," Citi analysts said in a report Wednesday.

Citi expects that "it will take some time for China stimulus to feed through and the bearish 'tanker' of global sentiment to turn."

Metals such as copper, seen as an economic bellwether, and the steel sector remain depressed by a slowdown in China after rapid growth in steel output over the past few years.

US investors, such as funds, are increasingly trading coking coal futures after iron ore futures volumes earlier rose and China's policies around coal imports, pollution cutting directives and industry restructuring injected volatility into the sector, source said.

Without a trade deal, the threat of US tariffs on $200 billion of Chinese goods rising to 25%, from a 10% rate currently, is dampening sentiment ahead of the Lunar New Year. The period around the Lunar New Year, which this year is on February 5, is seen in China as pivotal in shaping longer-running trends in steel and metals markets.

"Overall investor conviction on the outlook for metals was low, on account of concerns regarding whether the China stimulus would be big enough to offset both domestic and external headwinds, and given concerns surrounding the impact and durability of any US-China trade deal," Citi said.

Citi said half of the equity, credit and commodity investors were looking to buy into the sector in March and April.

This signals "there is a lot of dry powder ready to be deployed should a decent US-China trade deal and further China easing materialize."

Citi expects metals prices will bottom out by mid-February or March, when a metals and mining recovery may start.

(S&P Global Platts)

• [Editor:王可]