Iron ore futures snap 3-day losing streak on China property support moves

On the Singapore Exchange, the benchmark December iron ore was up 0.6% at $95.90 a tonne as of 0810 GMT. While traders contemplated the support measures for China’s property sector, Premier Li Keqiang convened a State Council meeting to emphasise the importance of economic performance in the fourth quarter, ANZ Research said in a note.

Chinese property shares jumped on Thursday after the country’s biggest commercial banks agreed to provide at least $38 billion in fresh credit lines to developers, adding to recent regulatory support measures to ease a stifling cash crunch in the sector. China reported a record high number of Covid-19 infections on Thursday, with cities nationwide imposing localised lockdowns and other curbs that are darkening the outlook for the world’s second largest economy.