Dalian hits 16-mo high

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BEIJING- Iron ore extended gains for a second straight session on Thursday, as hopes of further support for China’s troubled property sector and concerns over temporary supply disruption outweighed disappointing economic data.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended morning trading 1.57 percent  higher at 937 yuan ($128.66) a metric ton, the highest since June 2022.

Meanwhile, the benchmark December iron ore on the Singapore Exchange was little changed at $124.75 a ton.

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Chinese authorities asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, Reuters reported on Wednesday, citing four people familiar with the plan.

The news buoyed market sentiment and sent property stocks broadly higher, although Ping An denied to have been approached by the government after the report.

Fear of a possible supply disruption following an accident in Vale, the world’s leading iron ore supplier, provided further support to prices.

Vale said on Wednesday there was a fire on a cargo train on Carajas railway in Maranhao state. It stated that the fire was extinguished and investigation was underway, adding that the quarterly production is not expected to be impacted.

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