Measures seen as crucial for metals
The move by the Politburo followed a raft of Chinese stimulus measures earlier in the week aimed at boosting its lacklustre economy. Some had questioned whether that would be enough to ease deflationary pressures, or lift property and infrastructure consumption, both of which are crucial for metals.
Copper was up 1.7 per cent at US$9,975.50 a ton by 2:28 p.m. local time time on the LME. Zinc climbed three per cent and aluminum rose two per cent. Iron ore advanced four per cent to US$100.30 a ton, after rallying almost eight per cent the previous two sessions.
—With assistance from Mark Burton.