Iron ore futures prices recouped losses on Thursday, after falling for five straight sessions,helped by the latest support for the propertymarket and renewed hopes of monetary easing in top consumer China.
The benchmark February iron ore SZZFG4 on the Singapore Exchange climbed nearly 1% to $134.1 a metric ton, as of 0700 GMT, erasing earlier losses. It hit a nearly four-week low at $131.5 earlier in the session.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 closed daytime trade flat at 976.5 yuan ($136.42) a ton, after hitting a three-week trough at 952.5 yuan earlier in the session.
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.