Dalian iron ore futures close slightly lower on weak China data
Updates closing prices and adds analyst quote
By Gabrielle Ng
SINGAPORE, July 31 (Reuters) -Dalian iron ore futures closed slightly lower on Wednesday after drifting in a narrow range, as market participants weighed weak economic data from top consumer China against hopes of further monetary stimulus following a key Politburo meeting.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 0.13% lower at 768 yuan ($106.28) a metric ton.
The benchmark September iron ore SZZFU4 on the Singapore Exchange, however, was 1.57% higher at $100.65 a ton, as of 0725 GMT.
Chinese leaders signalled on Tuesday that the stimulus measures needed to reach this year's economic growth target will be directed at consumers, deviating from their usual playbook of pouring funds into infrastructure projects.
The Politburo, a top decision-making body of the ruling Communist Party, stressed that it is necessary to focus on boosting consumption to expand domestic demand, state media reported.
The government's indication of its intention to stimulate consumer spending is lending temporary support to China's industrial metals complex, as Chinese and iron bulls have been "itching" for broad-based stimulus measures following China's earlier third plenum, said Cameron Law, a commodities analyst at Navigate Commodities.
"That said, we remain highly sceptical of any long-run contributions these policies might have on a material improvement in domestic steel and iron ore consumption, due to the structural problems in China's construction and property sectors," added Law.
China's manufacturing activity in July shrank for a third month, while non-manufacturing activity expanded more slowly, pointing to job insecurity and slowing domestic demand, and reinforcing how troubling a years-long crisis in the property sector is.
Other steelmaking ingredients on the DCE were mixed, with coking coal DJMcv1 up 0.03%, while coke DCJcv1 was down about 0.5%.
Most steel benchmarks on the Shanghai Futures Exchange traded higher. Stainless steel SHSScv1 climbed about 0.8%, wire rod SWRcv1 advanced 0.75%, while hot-rolled coil SHHCcv1 ticked down 0.26% and rebar SRBcv1 lost 0.54%.
($1 = 7.2265 Chinese yuan)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips and Subhranshu Sahu
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
