Iron ore futures extended gains into a fourth straight session on Monday, buoyed by optimism over Chinese propertysector-related stimulus and supportive fundamentals, despite a weakening steel market and fears of tightened government supervision.
The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) >ended daytime trading 1.68% higher at 966.5 yuan ($132.46) a metric ton, a fresh peak since August 2021.
The benchmark December iron ore SZZFZ3 on the Singapore Exchange reversed course and was 0.98% higher at $128.05 a ton – the highest since March 20 -as of 0724 GMT.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.