Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Taiwan January exports declined to 13.0% y/y as compared to Decembers print which was revised upward to -13.7%. January exports dropped sharply on a per day basis, as it decreased to 0.97 billion USD against Decembers print of 1.07 billion USD.
Price compression weakened the exports partly. Upstream manufactures are seen cautious as they are not holding on too much inventory. Exports of mineral products dropped 16.5% y/y as compared to December's 35.1% decline. Basic metals also declined due to price compression, with shipments decreasing to 19.9% y/y.
"In our view, the usual frontloading of shipments ahead of the Lunar New Year holidays in February appears to have been much weaker in 2016. Rather, persistent headwinds from sluggish external demand and increased self-sufficiency from China in more categories of electronic components could dampen the pickup in Taiwan's tech cycle, in our view. Nonetheless, we expect tech activity to be seasonally stronger from Q2, although the strength of the upcycle may be weaker than in the past" says Barclays in a research note.
