Iron Ore and Copper Decline as Demand Doubts Persist in China
- Iron ore drops more than 3% in Singapore before paring losses
- China’s long-running property crisis weighs on metals markets
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Iron ore tumbled following a five-day run of gains and copper declined as China’s markets reopened, with investors weighing prospects for near-term demand in the world’s largest metals consumer.
Iron ore futures dropped from the highest close since the end of January, slumping as much as 3.4% before paring losses. While Premier Li Qiang called for “pragmatic and forceful” action to boost confidence in the economy, Beijing opted to keep the interest rate on its one-year policy loans steady.