"In Beijing, China's finance ministry said it would introduce "more forceful" fiscal measures in order to boost slowing economic growth, which is projected to remain at the lowest level in more than a decade for the third quarter. The measures include a potential tax cut for small business, as well as the allocation of funding for infrastructure projects. As part of the proposal, the ministry approved two railway projects worth nearly 70 billion yuan or $11 billion."
“We will accelerate the implementation and improvement of proactive fiscal policy and related measures, do timely fine tuning, and speed up reform measures to support stable growth and promote continued healthy economic development,” the finance ministry said in a statement...."
Coupled with India's Finance Ministry approving $160bl infrastructure programme over the next 10 years a few months ago has given some insight to where base metal pricing indicators will be next year and beyond. Especially for Copper, Nickel and Zinc. Maybe an indication as to the recent support to the Iron Ore spot price.
All base metal found support last night on the LME.
AVQ Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
