China’s ferrous futures buoyed by Beijing’s loan rate cut
Nov 05, 2019 18:15
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The most traded rebar contract on the Shanghai Futures Exchange (SHFE) for January delivery closed the daytime trading session Tuesday at Yuan 3,434/tonne ($490.6/t), up Yuan 59/t or 1.8% from the settlement price of Monday and marking the biggest intra-day increase in the past 1.5 months, Mysteel Global noted.
On the same day, the January iron ore futures contract on the Dalian Commodity Exchange also reversed yesterday’s retreat to rise by Yuan 3.5/t or 0.6% from Monday’s settlement price to Yuan 617/dmt as of Tuesday afternoon.
The sudden jumps in ferrous futures on Tuesday afternoon were closely related to the