Commodities from copper to iron ore fell after China set a cautious economic growth target of about 5% for the year and didn’t announce any major new stimulus.

The goal unveiled at the National People’s Congress was below what most economists had been expecting, giving Beijing more room for manoeuvre after it missed last year’s target by a wide margin.

The absence of a landmark announcement to boost real estate and infrastructure is damping enthusiasm among metals investors, many of whom were looking for more stimulus to support this year’s rally.

None of the official documents released so far at the NPC suggests authorities are keen on the kind of massive boost deployed to right the economy after the global financial crisis or at the beginning of the pandemic.

The target for local government bond sales — the backbone of infrastructure investment that drives the bulk of raw materials demand — was also modest.