Metals extended this week’s gains after Beijing delivered a boost for China’s property sector, while a private survey pointed to a pick-up in the country’s manufacturing sector.
On Thursday, China allowed its largest cities to cut down-payments for homebuyers and encouraged lenders to lower rates on existing mortgages, the latest move to ease pressure on the property market. On Friday, the Caixin factory guage for August unexpectedly returned to expansion territory.
These developments bolstered the recent positive mood across industrial commodities, as investors mull whether Beijing’s targeted measures to arrest an economic slowdown are bearing fruit.Copper will keep fluctuating at a high level as expectations for government stimulus dominate trading, Citic Futures Co. said in a note. Low copper inventories risk a supply squeeze as Chinese demand is set to rise in the coming peak season, it added.
Earlier this week, China’s official gauge of manufacturing offered tentative evidence of improvement, posting only a narrow contraction. On Friday, China also announced moves to support its currency, which slid toward its weakest level since 2007 in August. All base metals advanced, with aluminum gaining as much as 2.4% to reach its highest in a month. It traded at $2,250 a ton on the London Metal Exchange by 10:57 a.m. in Shanghai, while copper rose 0.9% and zinc gained 1.7%. Iron ore futures in Singapore were slightly lower.
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