Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
Iron ore prices rose on Wednesday as investors were buoyed by prospects of fresh measures from China to prop up its struggling property sector.
According to Fastmarkets, benchmark 62% Fe fines imported into Northern China rose 1.73% on Wednesday, to $116.25 per tonne.
The most-traded January iron ore on China’s Dalian Commodity Exchange ended daytime trading 1.97% higher at 829 yuan ($113.68) a metric ton, close to the over three-week high of 834 yuan per ton hit on Monday.
Guangzhou became the first major Chinese city on Wednesday to announce an easing of mortgage curbs.
This came after some Chinese state-owned banks said they would soon lower interest rates on existing mortgages, Reuters reported, as Beijing ramped up efforts to revive the sector.
“China announced some measures to support the flailing property sector. These measures have helped broader sentiment,” analysts at ING Bank said.
($1 = 7.2927 Chinese yuan)
(With files from Reuters)
Comments
Solomon Aiah Kellie
It is very good for the companies who are engaged in mining iron ore