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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22.5¢ |
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Mkt cap ! $217.6M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
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No. | Vol. | Price($) |
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13 | 417274 | 0.215 |
27 | 1098606 | 0.210 |
16 | 849120 | 0.205 |
15 | 570005 | 0.200 |
Price($) | Vol. | No. |
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0.225 | 153347 | 3 |
0.230 | 308977 | 8 |
0.235 | 277964 | 8 |
0.240 | 300968 | 9 |
0.245 | 285878 | 5 |
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