Industrial Metals Monthly: China's 2024 Economic Goals Disappoint [Seeking Alpha]
FORTESCUE METAL GRP S/ADR (FSUGY)
NASDAQ:AMEX Investor Relations:
fmgl.com.au/investors
Company Research
Source: Seeking Alpha
In this month's edition, we take a closer look at iron ore and nickel - the worst and the best performers in the complex. Looking ahead, we believe nickel prices are likely to remain under pressure, at least in the near term, amid a weak macro picture and a sustained market surplus. YTD metals performance % China's 2024 economic goals disappoint Industrial metals have mostly struggled this year amid a disappointing recovery in China, with a property downturn and weak manufacturing continuing to weigh on prices. This week China unveiled its economic targets for 2024 at the latest "Two Sessions", including a growth target of around 5%, largely in line with market expectations. On the property sector - the pillar of commodities demand - there was an emphasis on the so-called "new model of real estate development," which is focused on increasing affordable housing and optimizing the supply-demand balance, but few details have been given at this stage. The property sector will
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