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China’s iron ore futures hit new record high on tight supplies, strong demand


China’s iron ore futures hit a new high since 2013 on Monday, extending a strong rally last week, as stockpiles of iron ore at Chinese ports continued to fall while demand from steel mills remained strong.

The most traded contract for September delivery on the Dalian Commodity Exchange limited up intraday on Monday and closed 4.6 per cent higher at 761 yuan a tonne, the highest since the contract was launched five years ago.

The futures contract has . . .

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