Base metals were generally flat on the Shanghai Futures Exchange after China’s state-owned media said Beijing authorities are set to implement measures to bolster its stock and property markets.
(Bloomberg) — Base metals were generally flat on the Shanghai Futures Exchange after China’s state-owned media said Beijing authorities are set to implement measures to bolster its stock and property markets.
Copper surged to its highest in more than three weeks before paring gains. China has been under pressure to implement new stimulus measures as the world’s biggest metals consumer has struggled to emerge from it post-pandemic economic torpor, with the construction sector particularly hard hit.
Beijing is looking to cut its stock trade taxes as well as do away with a rule that disqualifies people being considered a first-time homebuyer in major cities should they have had a previous mortgage, state-owned China Securities Journal said in a front-page commentary Monday. Such moves are expected to strengthen investor expectations, it said.
Copper was little changed at 68,900 yuan a ton as at 3:05 p.m. Shanghai time after surging as much as 0.7% earlier, while aluminum edged up. Iron ore in Singapore fell 1.3%. The London Metal Exchange was closed for a UK public holiday.
–With assistance from Winnie Zhu.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.