Iron-ore set for biggest weekly gain since March on China hopes
Iron-ore headed for the biggest weekly gain in three months as demand prospects brightened after Covid cases eased in China, stockpiles fell and the country vowed to carry out policies to stimulate growth.
Futures in Singapore have surged past $140 a ton as China front-loads infrastructure investment to boost growth, which has been battered by virus-related lockdowns. Chinese officials said Thursday they would accelerate refunds of value-added taxes and ensure that local special bonds -- which are mainly used to fund infrastructure projects -- are issued in a smooth manner.
Additionally, worries that movement curbs in Beijing may escalate into a full blown lockdown didn’t materialize, lifting hopes that restrictions will be eased further. New daily cases remained capped below 100 for the past three days and residents are starting to move around more freely in Shanghai, although mass-testing is mandatory in districts reporting new cases.
Meanwhile, stockpiles at major ports have plunged 7.6% from a month ago, totaling 132-million tons in the week to June 3, according to data from Mysteel Global.
Iron ore in Singapore rose 1.2% to $142 a ton as of 10:42 a.m. local time. It’s gained 6.7% this week, the most since the week ended March 4. China’s markets were closed for a public holiday.
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