Iron ore futures rose on Thursday, buoyed by positive investor sentiment ona recovering Chinese economy and lower inventory, though weaker-than-expected steel output capped gains.
The most-traded January iron ore on China’s Dalian Commodity Exchange rose 0.4% to 866.5 yuan per metric ton at the close of daytime trade, rising for a seventh straight session.
On the Singapore Exchange, the benchmark November iron ore was up 1% at $116.85 a metric ton.
“Iron ore futures are rallying this morning purely in response to robust, upwardly revised Chinese Q3 GDP figures,” said Atilla Widnell, Managing Director at Navigate Commodities.
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.