BHP ASX: iron ore prices to $US120 if China delivers on stimulus that the market expects

📆 09/10/2024 00:21:00
📰 FinancialReview

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Citi believes iron ore and base metals are set to rally if China delivers a whopping 10 trillion yuan ($2.1 trillion) stimulus package that the market had been pricing in.

Citi says there is a temporary window in commodity markets to make some money, with the broker betting that iron ore prices could hit $US120 a tonne if China continues with its stimulus blitz.

“Market expectations are already high, especially in the onshore sharemarket, where frequent policy announcements could spur further short covering.” Morgan Stanley agreed that iron ore above $US100 a tonne reflected fundamentals and said there was scope for prices to climb further this year.

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BHP ASX: China stimulus hopes dashed, sparking sell-off in mining stocks, iron oreChinese officials fell well short of the multitrillion-yuan stimulus package predicted by some analysts, wrong-footing bullish commodity and equity markets.
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