Copper, iron ore price impact as China tries to change its economy | The Business | ABC News

China's latest economic data has boosted sentiment in commodity prices, particularly copper, which has risen to a 10-month high following another stimulus announcement by Beijing. Senior investment adviser at Bell Potter Securities, Giuliano Sala Tenna says instead of focusing on iron ore and building infrastructure, China is moving towards a consumption-based economy. He says the changing Chinese economy will be good for EVs and copper, but the downturn in property markets, which haven't recovered from the pre-COVID years are weighing on iron ore prices. However, gold has risen to an all-time high as a result of market volatility caused by trade wars and US tariffs. Mr Sala Tenna says "the markets can't deal with uncertainty."
#ABCBusiness

Subscribe: ab.co/1svxLVE

ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.

For more from ABC News, click here: ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1

Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2
Like ABC News on Facebook: facebook.com/abcnews.au
Follow ABC News on Instagram: instagram.com/abcnews_au
Follow ABC News on X (Twitter): twitter.com/abcnews

Note: In most cases, our captions are auto-generated.

#ABCNews #ABCNewsAustralia