Dalian iron ore futures rose on Tuesday after a five-session slide, as Chinese buyers ramped up purchases ahead of public holidays later in the week.
The most-traded September iron ore on China’s Dalian Commodity Exchange DCIOcv1 closed up 3.1% at 768 yuan ($106.15) per metric ton. The contract jumped as much as 4.1% earlier in the session.
Chinese markets will be closed on Thursday and Friday for the Tomb-Sweeping Day, so all the buying is compressed into the first three days of the week, said a trader.
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.