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Iron ore breaks string of losses on China’s real estate measures

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The most traded iron ore for January on China’s Dalian Commodity Exchange ended day trading up 1.3% at RMB 732.0 ($102.36) a tonne.

The futures contracts iron ore on the Dalian stock exchange broke a sequence of three consecutive losses this Thursday, with recent support measures for the real estate sector in China overcoming concerns about the recent rise in cases of Covid-19.

O iron ore traded for January on China’s Dalian Commodity Exchange ended day trading up 1.3% at 732.0 yuan ($102.36) a tonne.

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in the stock market SingaporeDecember benchmark iron ore rose 0.6% to $95.90 a tonne.

As traders contemplated the measures to support the real estate of China, Premier Li Keqiang convened a meeting of the State Council to emphasize the importance of economic performance in the fourth quarter, ANZ Research said in a note.

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China’s real estate stocks jumped on Thursday after the country’s biggest commercial banks agreed to provide at least $38 billion in new credit lines for developers, adding to recent regulatory support measures to ease the stifling cash crisis in the sector.

China recorded a record number of Covid-19 infections on Thursday as cities across the country imposed localized lockdowns and other restrictions that are clouding the outlook for the world’s second-largest economy.

The Mainland China Health Commission reported 31,656 new cases of the coronavirus on Nov. 23, compared with 29,157 new cases the day before.

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Source: Moneytimes

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