Base metals rose 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 rose 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. 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 rose 0.3% to 69,160 yuan a ton as at 10:41 a.m. Shanghai time, while aluminum also edged up. Iron ore in Singapore rose. The London Metal Exchange was closed for a UK public holiday.
–With assistance from Winnie Zhu.
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