China stimulus unlikely to reverse global metals meltdown.
Sign Up for the Copper DigestChinese authorities are mulling a plan to let local governments sell 1.5 trillion yuan of special bonds in the second half, according to people familiar with the matter. This potential boost for infrastructure spending helped commodities pare some of their steep losses in recent weeks.
While Goldman Sachs Group Inc. says China’s policies could eventually halt the bear market in metals, there’s generally caution over prospects for demand in a nation that accounts for about half of the world’s consumption of everything, from zinc to aluminum. Chinese copper demand will eke out only a small amount of growth this year, says researcher Wood Mackenzie Ltd.The headwinds in China are many.
Xi ordered an all-out effort to boost infrastructure earlier this year. The plan for local government bonds under consideration by the Ministry of Finance would add to 1.1 trillion yuan in infrastructure support announced in recent weeks.“The scale and impact from this year’s stimulus will be certainly weaker than the previous ones, as this round we purely count on infrastructure spending,” Xu Xiangchun, an analyst with researcher Mysteel, said by phone.
There are some signs of an easing in property woes: land transactions and housing sales picked up in June, for example. But the head of China’s No. 2 builder warned the recovery will be slow. Debt issues in the sector remain an issue.
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