(Bloomberg) — Iron ore spiked after China announced a series of major measures to boost growth and shore up its beleaguered property market, buoying the demand outlook in the world’s largest importer.

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Futures for the steelmaking staple rallied more than 4% in Singapore, climbing along with copper in London, after central bank governor Pan Gongsheng said that policymakers would help banks boost lending to consumers, cut the key short-term interest rate, and lower mortgage rates on existing housing loans.

Iron ore has been among the worst performing major commodities this year as China’s slowdown — especially the nation’s drawn-out property crisis — has hurt demand, with mills reducing steel output. At the same time, major, low-cost miners in Australia and Brazil have been boosting supplies, driving the seaborne market into a surplus.

“The rebound may continue for a while due to stronger confidence, but the actual impact on the supply-and-demand dynamic is still uncertain,” said Han Jing, an analyst at SDIC Essence Futures Co.

Futures jumped 4.4% to $93.40 a ton in Singapore as of 12:10 p.m. The commodity remains about a third lower this year. In China, yuan-priced steel futures climbed in Shanghai.

“Today’s policy is helpful in boosting market sentiment,” said Wei Ying, an analyst at China Industrial Futures Ltd. “However, the domestic economy issue is very complicated, so monetary loosening might not be enough,” Wei added, citing the need to watch for additional fiscal policies.

Base metals also advanced as investors absorbed the content of the stimulus announcement. Copper gained as much as 1.3% to $9,671 a ton on the London Metal Exchange — the highest price since mid-July — before trading at $9,662.50. Zinc and aluminum both rose more than 1%.

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