China allows the purchases of banned BHP (BHP AT) portside cargoes following a deal with the Co., according to sources

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China allows the purchases of banned BHP (BHP AT) portside cargoes following a deal with the Co., according to sources

[MARKET UPDATE] USD/JPY moves lower as the BoJ held rates at 0.75% with the vote split at 6-3, with 3 advocating a hike to 1.0% amid upward risks to inflation; BoJ also upgraded inflation outlook and downgraded growth, with FY27 growth only modestly cut

BoJ maintains its short-term interest rate at 0.75%, as expected; vote split 6-3 to hold (exp. near-unanimous); Nakagawa, Takata and Tamura voted to hike by 25bps to 1.0%

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Context

China's move to allow purchases of previously banned BHP portside cargoes signals a potential easing of trade tensions, which could benefit both BHP and broader metal markets. This shift may improve supply prospects and alleviate pressure on commodity prices, making it a pivotal development for traders in related sectors. Monitor reactions in metal prices and the implications for broader economic relations between China and Australia.

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