Iron ore futures prices extended their rise to hit the highest level in multiple weeks on Monday, bolstered by an obvious reduction in shipments and hopes that top consumer China will roll out more stimulus to prop up its economy.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 2.18% higher at 845.5 yuan ($116.80) a metric ton, the highest since Mar. 26.
The benchmark May iron ore SZZFK4 on the Singapore Exchange was 1.31% higher at $112.5 a ton, as of 0720 GMT, the highest since Mar. 11.
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.