Until now, Beijing has struggled to jumpstart an economy that hasn’t fired on all cylinders since before the pandemic, in large part because of its only limited and piecemeal efforts. The flurry of measures since the end of September marks a recognition that more heft is required, prompting a spectacular stock market rally.
Chinese industrial delegates to LME Week, a major metals conference in London, were optimistic that this could be the long-awaited turning point for the world’s largest importer of raw materials. But not every corner of the commodities complex has been as exuberant, and some analysts have already cautioned it’s too soon for a victory lap.
“Commodities have benefited from the support measures that continue to come through,” said Warren Patterson, head of commodities strategy at ING Groep NV. However, “we need to see property prices stabilize and we also need to see excess housing inventory return to…
