1.Singapore futures trade near $140, after rising for second day 2.Beijing calls for infrastructure push to bolster economy
ByAnnie Lee
April 27, 2022, 8:54 AM GMT+5:30Updated onApril 27, 2022, 12:50 PM GMT+5:30
Iron ore futures rose for a second day as China’s key steel hub eased some virus controls and the nation’s pledge to boost infrastructure spending aided demand prospects.
The raw material traded near $140 a ton in Singapore, recouping further losses after falling almost 10% Monday on concerns over the impact of China’s worsening Covid outbreak. The consumption outlook took a brighter turn after some areas in Tangshan city, including Caofeidian, lifted a lockdown and allowed the gradual reopening of firms, while President Xi Jinping vowed to spur infrastructure construction.