Copper climbs on optimism over Beijing easing property market crackdown
- Copper jumped to $8,455/t, up $200 since yesterday on media reports of a more accommodative policy from Chinese lawmakers to the suffering property sector.
- Bloomberg reports Beijing may offer more leverage to property, easing its stringent ‘three red lines’ crackdown on debt in the sector from November 2021.
- The Yuan advanced 0.4% and an index of Chinese developers climbed 3% on the news. High yield property bonds have also strengthened to their highest levels since January 2022 at 75c on the Dollar.
- The move comes as an additional sign Beijing is moving to shore up the sector’s growth prospects, having introduced its 16-point plan to shore up balance sheets late last year.
- Xi has continued to emphasise that ‘property is for living, not speculation,’ with the three red lines a move to burst a bubble that has been building in mainland Chinese property for over a decade.
- However, home sales tumbled over 2022, declining for 15 straight months. This hit China’s growth prospects, weighing on local government finances, real estate investors and the base metals demand.
- A retraction of the three red lines approach will mark Beijing’s largest policy shift to date on property, however future demand remains of a concern, with a surplus of apartment blocks across China remaining.
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Last
17.0¢ |
Change
0.005(3.03%) |
Mkt cap ! $164.4M |
Open | High | Low | Value | Volume |
17.0¢ | 17.0¢ | 16.5¢ | $145.3K | 856.8K |
Buyers (Bids)
No. | Vol. | Price($) |
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4 | 138764 | 16.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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17.5¢ | 257886 | 8 |
View Market Depth
No. | Vol. | Price($) |
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4 | 138764 | 0.165 |
5 | 197290 | 0.160 |
12 | 957839 | 0.155 |
18 | 1046732 | 0.150 |
6 | 737585 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.175 | 257886 | 8 |
0.180 | 539688 | 11 |
0.185 | 382226 | 6 |
0.190 | 303321 | 10 |
0.195 | 206000 | 3 |
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