Dalian and Singapore iron ore futures rebounded on Monday from oversold levels, although traders’ disappointment particularly over tepid demand for construction steel products in China capped gains.
Benchmark prices of the steelmaking ingredient slumped last week, hitting the lowest levels in more than five weeks on China’s Dalian Commodity Exchange and falling below $120 a tonne on the Singapore Exchange.
The most-traded May iron ore on the Dalian exchange DCIOcv1 ended daytime trade 2.2% higher at 873.50 yuan ($127.00) a tonne, after falling for seven straight sessions.
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. Cadence Minerals holds approximately 7.2% percent of the equity in European Metals Holdings.