Metals Trade Mixed on China Construction Support, Fed Angst
- Beijing made rare mid-year budget adjustment to raise spending
- Iron ore, aluminum and zinc all advance by 1% or more
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Industrial metals traded mixed, with aluminum and iron ore climbing after China rolled out more support for the world’s second-biggest economy, while copper slipped ahead of a key Federal Reserve speech.
Beijing on Tuesday made a rare mid-year adjustment to its budget to allow for more spending, a move that underlines the top leadership’s focus on sustaining the recovery. The plan includes issuing 1 trillion yuan ($137 billion) of additional sovereign bonds this quarter, with the funds earmarked for disaster relief and construction.