Column-China copper, iron ore stay stimulus believers, but others sceptical: Russell [Yahoo! Finance]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The divergence can be seen in the price moves in early Monday trade in copper, the key industrial metal used in construction and manufacturing. Shanghai copper futures opened higher, gaining as much as 0.5% to a high of 77,700 yuan ($10,990) a metric ton on Monday. Their London counterparts moved the opposite way in early trade, dropping as much as 1.1% to $9,683 a ton. While not massive moves, they do show that China's investors seemed prepared to give the benefit of the doubt to Beijing on coming stimulus, while Western investors need to be convinced that enough will be done. It's worth looking at the detail of what was announced at the weekend, with three of the four measures aimed at easing the financial burden of local governments, the bodies responsible for some 80% of all government spending. In effect, what Beijing is proposing is to refinance the mountains of local government debt, and by doing so allow these authorities to take out new loans and use the money to k
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