Iron Ore Spikes as Beijing Takes Slew of Steps to Aid Economy [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Futures for the steelmaking staple rallied more than 4% in Singapore, climbing along with copper in London, after central bank governor Pan Gongsheng said that policymakers would help banks boost lending to consumers, cut the key short-term interest rate, and lower mortgage rates on existing housing loans. Iron ore has been among the worst performing major commodities this year as China's slowdown — especially the nation's drawn-out property crisis — has hurt demand, with mills reducing steel output. At the same time, major, low-cost miners in Australia and Brazil have been boosting supplies, driving the seaborne market into a surplus. “The rebound may continue for a while due to stronger confidence, but the actual impact on the supply-and-demand dynamic is still uncertain,” said Han Jing, an analyst at SDIC Essence Futures Co. Futures jumped 4.4% to $93.40 a ton in Singapore as of 12:10 p.m. The commodity remains about a third lower this year. In Chi
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