The growth target of 7.5 percent for 2014 is the same as last year’s, Premier Li Keqiang said today at an annual meeting of the National People’s Congress in Beijing. China will expand the fiscal deficit to maintain “a certain level” of stimulus, the Finance Ministry said.
“The upswing is continuing, partly on the back of news from China,” Commerzbank AG analysts led by Eugen Weinberg said in a note today. “All of this points to continued robust Chinese demand for commodities in general, and for metals in particular.”
Nickel for delivery in three months advanced 0.8 percent to settle at $15,270 a metric ton at 5:50 p.m. on the LME, after reaching $15,345, the highest since June 5.
Zinc slipped 0.2 percent after climbing as much as 1.1 percent to $2,143.50 a ton, the highest since Feb. 20, 2013.
Meeting China’s 7.5 percent growth target will take “lots” of public spending, said Dong Tao, an economist with Credit Suisse Group AG in Hong Kong.
Copper for delivery in three months slipped 0.3 percent to percent to $7,030 a ton ($3.19 a pound) in London. On the Comex in New York, copper futures for delivery in May fell 0.4 percent to $3.2025 a pound.
Chinese copper demand will rise 7.5 percent this year, Li Baomin, chairman of Jiangxi Copper Co., the nation’s largest smelter of the metal, said in an interview.
Tin and lead declined on the LME.