Metals Feel Chill as Beijing Shies Away From Major Stimulus

Molten copper flows a casting vessel at the Jinguan Copper smelter, operated by Tongling Nonferrous Metals Group Co., in Tongling, Anhui province, China, on Thursday, Jan. 17, 2019. Photo: Bloomberg

(Bloomberg) — Commodities from iron ore to copper fell after China set a cautious economic growth target of about 5% for the year and didn’t announce any major new stimulus.

The goal unveiled at the National People’s Congress (NPC) was below what most economists had been expecting, giving Beijing more room for maneuver after it missed last year’s target of about 5.5% by a wide margin. The absence of a landmark announcement to boost real estate and infrastructure is damping enthusiasm among metals investors.