(Bloomberg) — Iron ore and copper rallied strongly after China unveiled a series of measures to boost growth and resurrect its beleaguered property market.
China, the biggest consumer of metals and the main driver of the fortunes of those who produce them, has been a constant source of bad news for commodity markets this year. A broad economic slowdown, combined with the crisis in the property sector, has seen metal prices slump and piled pressure on everything from steelmakers to copper smelters.
On Tuesday, Beijing responded, announcing a series of measures to address the nation’s economic malaise, and in particular targeting the real estate market. Central bank Governor Pan Gongsheng said policymakers would help banks boost lending to consumers, cut the key short-term interest rate and lower mortgage rates.
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