AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 No Change 0 (0%)
BR30 31,713 No Change 0 (0%)
KSE100 97,328 No Change 0 (0%)
KSE30 30,192 No Change 0 (0%)

MANILA: Dalian and Singapore iron ore futures fell on Monday amid a flurry of disappointing economic indicators and heat waves in China, while a surprise interest rate cut by the country’s central bank tempered traders’ pessimism.

The most-traded iron ore contract, for delivery in January next year, on China’s Dalian Commodity Exchange ended morning trade 1.8% lower at 715.50 yuan ($105.86) a tonne. On the Singapore Exchange, the steelmaking ingredient’s front-month September contract shed 1.9% to $108.30 a tonne.

Top steel producer China’s economy unexpectedly slowed in July, with industrial output to retail sales missing forecasts by large margins, pointing to a shaky recovery as Beijing shows no sign of easing its zero-COVID policy.

The gloomy data also reflected the impact of a crisis engulfing China’s property developers, with crude steel output in July 6.4% lower compared with a year earlier, and property investment in January-July falling at the fastest pace since March 2020. New home prices in July were also uninspiring.

Also pointing to a fragile economic recovery, data on Friday showed new bank lending in China tumbled more than expected in July, while broad credit growth slowed. And the chances of a rebound in activity this month appeared slim with the extreme heat being felt in several regions.

The “dangerously and historically high temperatures...will wreak havoc with economic activity,” said Navigate Commodities Managing Director Atilla Widnell.

Comments

Comments are closed.