AGL 38.78 Decreased By ▼ -0.72 (-1.82%)
AIRLINK 194.29 Increased By ▲ 17.66 (10%)
BOP 10.84 Increased By ▲ 0.75 (7.43%)
CNERGY 6.87 No Change ▼ 0.00 (0%)
DCL 10.19 Increased By ▲ 0.26 (2.62%)
DFML 43.13 Increased By ▲ 0.39 (0.91%)
DGKC 96.61 Decreased By ▼ -1.56 (-1.59%)
FCCL 38.07 Decreased By ▼ -1.24 (-3.15%)
FFBL 81.43 Decreased By ▼ -0.43 (-0.53%)
FFL 14.03 Decreased By ▼ -0.36 (-2.5%)
HUBC 118.98 Decreased By ▼ -2.46 (-2.03%)
HUMNL 14.77 Decreased By ▼ -0.57 (-3.72%)
KEL 5.74 Increased By ▲ 0.08 (1.41%)
KOSM 8.49 Increased By ▲ 0.37 (4.56%)
MLCF 46.54 Decreased By ▼ -1.57 (-3.26%)
NBP 77.23 Increased By ▲ 1.41 (1.86%)
OGDC 194.78 Decreased By ▼ -2.63 (-1.33%)
PAEL 34.74 Increased By ▲ 2.36 (7.29%)
PIBTL 8.38 Increased By ▲ 0.23 (2.82%)
PPL 174.57 Decreased By ▼ -0.93 (-0.53%)
PRL 33.17 Decreased By ▼ -0.92 (-2.7%)
PTC 24.57 Increased By ▲ 2.23 (9.98%)
SEARL 110.04 Increased By ▲ 6.84 (6.63%)
TELE 8.90 Increased By ▲ 0.39 (4.58%)
TOMCL 34.83 Decreased By ▼ -0.20 (-0.57%)
TPLP 11.69 Increased By ▲ 0.43 (3.82%)
TREET 18.56 Decreased By ▼ -0.59 (-3.08%)
TRG 60.06 Increased By ▲ 1.50 (2.56%)
UNITY 36.49 Increased By ▲ 1.63 (4.68%)
WTL 1.75 Increased By ▲ 0.16 (10.06%)
BR100 11,701 Increased By 49.8 (0.43%)
BR30 35,411 Decreased By -67.2 (-0.19%)
KSE100 109,054 Increased By 815 (0.75%)
KSE30 33,849 Increased By 155.6 (0.46%)

MANILA: China’s ferrous commodities futures rose on Thursday, with iron ore gaining as much as 3%, a day after the country’s central bank pledged monetary policy support to help businesses hit by the COVID-19 outbreak and support a recovery in consumption.

Returning from a five-day Labour Day break, traders were also upbeat about replenishment demand remaining strong for the steelmaking ingredient in the world’ top steel producer. The most-traded September iron ore contract on China’s Dalian Commodity Exchange rose to 881.50 yuan ($133.48) a tonne during morning trade, its highest since April 25.

On the Singapore Exchange, the most-active June contract rose 1.5% to $145 a tonne by 0430 GMT. The People’s Bank of China on Wednesday vowed to “waste no time planning incremental policy tools to support steady economic growth, stabilise employment and prices to provide a fair monetary and financial environment”.

The remarks, lacking in details, came after a top decision-making body of the ruling Communist Party last week pledged to support the economy. Such promises may work well to shore up confidence, but analysts said any market gains may not be sustainable in the absence of clear plans.

“While it may be left to relevant government bodies to thrash out the finer details, markets will grow impatient waiting for robust policies which will have a material impact on iron ore and steel demand,” said Atilla Widnell, managing director at Navigate Commodities. Rolling out additional stimulus measures has become more urgent amid China’s tough COVID-19 restrictions, analysts have said.

Comments

Comments are closed.