Iron ore futures on the Dalian Exchange broke a streak of three consecutive losses on Thursday (24), as recent support measures for China’s real estate sector outweighed concerns over the recent rise in Covid-19 cases. .
The most traded iron ore for January on China’s Dalian Commodity Exchange ended day trading up 1.3% at RMB 732.0 ($102.36) a tonne.
On the Singapore Exchange, the reference iron ore in December rose 0.6%, to US$ 95.90 a tonne.
As traders contemplated measures to support China’s real estate sector, Premier Li Keqiang convened a State Council meeting to emphasize the importance of economic performance in the fourth quarter, ANZ Research said in a note.
China’s real estate stocks jumped on Thursday after the country’s biggest commercial banks agreed to provide at least $38 billion in new credit lines for developers, adding to recent regulatory support measures to ease the stifling cash crisis in the sector.
China recorded a record number of Covid-19 infections on Thursday as cities across the country imposed localized lockdowns and other restrictions that are clouding the outlook for the world’s second-largest economy.
The Mainland China Health Commission reported 31,656 new cases of the coronavirus on Nov. 23, compared with 29,157 new cases the day before.
Source: CNN Brasil
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