Photo: Michael Smith/ Newsmakers.

Chinese commodity futures remained under pressure overnight, falling heavily across the board.

Here’s the final scorecard from the Shanghai Futures and Dalian Commodities Exchanges:

SHFE Copper ¥45,630 , -2.02%

SHFE Aluminium ¥14,455 , -1.63%

SHFE Zinc ¥20,720 , -3.67%

SHFE Nickel ¥78,330 , -3.12%

SHFE Rebar ¥2,881 , -1.54%

DCE Iron Ore ¥470.00 , -2.49%

DCE Coking Coal ¥1,059.50 , -4.72%

DCE Coke ¥1,540.00 , -5.64%

While rebar and iron ore futures both finished lower overnight, they were largely unchanged from Tuesday’s day session close. All other contracts added to the falls seen on Tuesday.

They’re big losses, and largely reflective of renewed concerns over the outlook for the global reflation trade.

Markets are expressing scepticism over the ability of US president Donald Trump to deliver on taxation reforms and infrastructure spending, while the longer-term sustainability of the latest Chinese economic rebound — powered yet again by credit growth and construction — is also being questioned.

That change in mindset has seen many markets unwind the moves seen in the immediate aftermath of the election of Donald Trump, including those in base and bulk commodities.

Coming at a time when geopolitical risks are also heightened, it goes some way to explain the ugly price action in commodity futures not only overnight, but since the end of January.

Business Insider Emails & Alerts Site highlights each day to your inbox. Email Address Join

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.