AGL 40.74 Increased By ▲ 0.71 (1.77%)
AIRLINK 128.34 Increased By ▲ 0.64 (0.5%)
BOP 6.68 Increased By ▲ 0.07 (1.06%)
CNERGY 4.54 Decreased By ▼ -0.06 (-1.3%)
DCL 9.18 Increased By ▲ 0.39 (4.44%)
DFML 41.70 Increased By ▲ 0.12 (0.29%)
DGKC 87.00 Increased By ▲ 1.21 (1.41%)
FCCL 32.68 Increased By ▲ 0.19 (0.58%)
FFBL 64.56 Increased By ▲ 0.53 (0.83%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.49 Increased By ▲ 1.72 (1.55%)
HUMNL 14.95 Decreased By ▼ -0.12 (-0.8%)
KEL 5.03 Increased By ▲ 0.15 (3.07%)
KOSM 7.30 Decreased By ▼ -0.15 (-2.01%)
MLCF 40.70 Increased By ▲ 0.18 (0.44%)
NBP 61.60 Increased By ▲ 0.55 (0.9%)
OGDC 196.50 Increased By ▲ 1.63 (0.84%)
PAEL 27.56 Increased By ▲ 0.05 (0.18%)
PIBTL 7.71 Decreased By ▼ -0.10 (-1.28%)
PPL 154.20 Increased By ▲ 1.67 (1.09%)
PRL 26.87 Increased By ▲ 0.29 (1.09%)
PTC 16.40 Increased By ▲ 0.14 (0.86%)
SEARL 83.88 Decreased By ▼ -0.26 (-0.31%)
TELE 7.84 Decreased By ▼ -0.12 (-1.51%)
TOMCL 36.45 Decreased By ▼ -0.15 (-0.41%)
TPLP 8.93 Increased By ▲ 0.27 (3.12%)
TREET 17.10 Decreased By ▼ -0.56 (-3.17%)
TRG 59.20 Increased By ▲ 0.58 (0.99%)
UNITY 27.90 Increased By ▲ 1.04 (3.87%)
WTL 1.33 Decreased By ▼ -0.05 (-3.62%)
BR100 10,131 Increased By 131.1 (1.31%)
BR30 31,316 Increased By 313.5 (1.01%)
KSE100 94,960 Increased By 768 (0.82%)
KSE30 29,500 Increased By 298.4 (1.02%)

SINGAPORE: Iron ore futures fell to their lowest in more than three months on Tuesday, as a lack of stimulus from top consumer China’s third plenum fanned prospects of bleak demand.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 3.43% lower at 774.5 yuan ($106.47) a metric ton, its lowest since April 8.

The benchmark August iron ore on the Singapore Exchange fell 3.36% to $100.0 a ton as of 0720 GMT, also its lowest level since April 8. Iron ore’s persistent losses come amid a “dour outlook” for demand in China, ANZ analysts said in a note.

China’s shaky economic recovery continues to be plagued by weak domestic demand, persistent deflationary pressures and an anaemic property sector.

Without further stimulus measures, there is little hope for a near-term recovery for the property and construction sector, ING analysts said in a note.

As long as unsold housing inventories remain elevated, new investment and building activity will remain depressed, and the drag on China’s property market growth will persist, they added.

China surprised markets by cutting major short- and long-term interest rates on Monday, signalling intent to boost growth in the world’s second-largest economy just days after a Communist Party leadership meeting.

While a step in the right direction, the rate cuts seemed to have under whelmed markets with commodity prices continuing to show softness, Westpac analysts said.

Comments

Comments are closed.