Prices of copper and iron ore gain on hopes for new stimulus measures
Bad news for China’s economy appears to spell good news for commodities, with prices of copper and iron ore gaining on hopes for new stimulus measures after yet another weak indicator.
More worrying for the economy was the sub-index for the key construction sector, which fell to 51.2 in July and is down sharply from a high of 65.6 in March. But for now it appears investors in copper are prepared to back Beijing, with the key Shanghai futures contract climbing to a 15-month high on Monday.
Iron ore also eked out a small gain, with Singapore contracts finishing at $112.46 a metric ton on Monday, up 1 cent from the previous close, but also 5.5% higher than last month’s low of $106.64, hit on July 10. Imports are estimated at 101.39 million metric tons by commodity analysts Kpler and at 100.96 million by Refinitiv.
Inventories have dropped for five straight weeks and are now 10% below the 13.5 million metric tons for the same week in 2022.
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