Dalian and Singapore iron ore futures rose on Monday, after China cut benchmark lending rates to support its economy, but the price rally is expected to be short-lived as demand outlook remains cloudy.
China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week’s easing measures, as it strived to revive an economy hobbled by a property crisis and a resurgence of COVID-19 cases.
On the Singapore Exchange, the most-traded September contract SZZFU2 rose 2.3% to $103.10 a tonne at 0437 GMT.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.