Iron Ore Spikes After Top Chinese Cities Ease Home-Buying Curbs
- Shanghai, Guangzhou and Shenzhen take steps to boost activity
- Base metals extend advances as industry gathers for LME Week
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Iron ore spiked more than 11% and base metals rose after three of China’s biggest cities eased curbs on home buying, bolstering the demand outlook as the central government adds stimulus.
Shanghai, Guangzhou and Shenzhen loosened rules, following through on Beijing’s latest efforts to prop up the embattled property sector. Futures surged in Singapore to hit the highest since July, while copper and zinc rose on the London Metal Exchange as traders gathered for a major industry meeting.