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Chinese Commodities Shrug at Xi’s Pledge as Lockdowns Hit Demand

  • Crude oil imports may tumble by almost a fifth in April
  • Infrastructure is the main lever to rescue the economy
Updated on

Industrial commodities prices in China hardly registered President Xi Jinping’s call for an “all-out” push on infrastructure spending, as markets assess the ongoing damage to demand from the nation’s series of virus-related lockdowns. 

Although iron ore futures in Dalian rose, the gains barely put a dent in the losses recorded so far this week. Copper in Shanghai actually fell.