SINGAPORE – Iron ore futures snapped a three-session losing streak on Thursday, as recent support measures for China’s property sector outweighed worries over the recent rise in COVID-19 cases.
The most-traded January iron ore on China’s Dalian Commodity Exchange rose 1.8 percent to 735.5 yuan ($102.98) a ton.
On the Singapore Exchange, the benchmark December iron ore was up 0.8 percent at $96.10 a ton.
While traders contemplated the support measures for China’s property sector, Premier Li Keqiang convened a State Council meeting to emphasise the importance of economic performance in the fourth quarter, ANZ Research said in a note.
Three of China’s biggest commercial banks have agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country’s embattled property sector.
Meanwhile, Chinese cities imposed more curbs on Wednesday to rein in rising coronavirus cases, adding to worries about the economy amid fresh unrest at the world’s largest iPhone plant that highlighted the social and industrial toll of China’s strict COVID-19 measures.
