Iron-ore pushes higher on hopes more China stimulus is coming
Iron-ore rose — following two sharply weekly gains — on speculation China’s top economic planner will unveil more stimulus measures at a press briefing on Tuesday morning.
The steelmaking staple advanced almost 3% in Singapore, after surging 18% over the previous two weeks. The briefing will include five senior officials from the National Development and Reform Commission, according to a notice from the government on Sunday, and there are expectations it might involve announcements on more public spending.
Beijing unleashed a slew of support measures — including interest-rate cuts and targeted support for the property sector — late last month, driving sharp gains in global metals prices.
A week-long public holiday in China that started last Tuesday has meant there have been no more official announcements. Chinese industry delegates to LME Week said they believed that the policy package represented a significant shift by authorities to place more emphasis on reviving economic growth.
There’s a “prospect of further gains when Chinese markets reopen on Tuesday,” ANZ Group Holdings said in a note. “Any sustained pick up will likely hang on more concrete details” of the fiscal stimulus measures that Beijing promised, it said.
Iron ore futures in Singapore rose 1.6% to $110.30 a ton as of 11:36 a.m. local time after climbing as much as 2.6% earlier. Among base metals, Aluminum fell 0.3% to $2 645 a ton on the London Metal Exchange, while most other metals were little changed.
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