by winston » Mon Mar 07, 2016 9:49 am
Metals Soar On China’s Supply Side Reform Resolve
By Shuli Ren
At the opening of the National People’s Congress on Saturday, Beijing dedicated 10% of its work reports on supply-side reform, the new resolve to reduce excess capacity in industrial sectors.
China has set up a 100 billion yuan fund to help settle affected workers.
Metals futures listed in China jumped this morning. Steel futures rallied 5%, iron ore gained 4.9%, copper rose 2.3%, aluminum gained 2.3%.
In Australia, South32 (S32.Australia) rallied 6%, Fortescue Metals (FMG.Australia) jumped 13.3%, BHP Billiton (BHP) rose 5.9%. In Hong Kong, Jiangxi Copper (358.Hong Kong) gained 3%.
Source: Barron's Asia
It's all about "how much you made when you were right" & "how little you lost when you were wrong"