China’s iron ore futures hit three-month high on hopes of stimulus
COMMODITIES
China’s iron ore futures hit three-month high on hopes of stimulus
COMMODITIES

China’s iron ore futures hit three-month high on hopes of stimulus

 

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China’s most-traded iron ore futures contract on the Dalian Commodity Exchange, for September delivery, gained 2.5% to close at 849 yuan per tonne, the highest level since March this year, on expectation of more government stimulus to support economic growth and stabilize the real estate market.

In Singapore, the Iron Ore CFR China (62% Fe Fines) furutes contact, for August delivery, surged by more than 4% to hit $114.85 per tonne, the highest in three months. 

In addition, the average daily dispatches of iron ore at Chinese ports increased to 3.158 million tonnes this week and the total iron ore inventory at China’s 45 major ports fell to 124.95 million tonnes, marking a new low in a year, down 1.1% from the previous week and falling for the 4th consecutive week.