MNI China Daily Summary: Monday, April 1

MNI BRIEF: Caixin Mar Manufacturing PMI Hits One-Year High

MNI BRIEF: China To Support Belt&Road Green Finance -Ma Jun

MNI: PBOC Sets Yuan Parity Lower At 7.0938 Mon; -4.78% Y/Y

MNI: PBOC Drains Net CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: US FEB CONSTRUCT SPENDING -0.3%

MNI: US ISM MAR MANUF PURCHASING MANAGERS INDEX 50.3

BOJ MAR TANKAN: SMALL MFG INDEX -1; DEC +2; MEDIAN -1

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Holding Above $130/Tonne Handle

IRON ORE

SGX Iron Ore ticked lower in Sundays dealing however the pressure was modest and we sit well within recent ranges. The December contract is holding above the $130/tonne handle.

  • Sunday's trade finished at $131.65/tonne, we sit ~2.5% below last week's cycle highs.
  • Late in Friday's session the NDRC, Ministry of Transport and State Administration of Market Regulation met with port operators regarding iron ore inventory, storage, loading and unloading charges (BBG). They plan to strengthen iron ore supervision at ports and will against hoarding and speculation of iron ore using cheap venues.
  • Technically the metal remains in a firm uptrend, bulls target a break of cycle highs ($135.05/tonne) to get the $140/tonne handle. Support comes in at $130/tonne and the 20-Day EMA ($127.78/tonne).
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