China Sets Modest 2024 GDP Target, Weighing on Metals Markets
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China set a 5% GDP growth target for 2024, seen as insufficient to stimulate metals markets. Metal prices dropped after the announcement.
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Aluminum and steel prices were particularly affected, with analysts forecasting slower aluminum consumption growth in China this year.
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The lack of major new stimulus announcements during China's annual parliamentary session disappointed commodities traders.
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China's real GDP growth may be lower than reported once deflation is accounted for, eroding domestic consumption.
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The troubled Chinese property market continues undermining efforts to boost household spending and domestic investment.