SINGAPORE- Iron ore futures extended losses for a third straight session on Wednesday, as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment.
The most-traded January iron ore on China’s Dalian Commodity Exchange fell 2.2 percent to 719.5 yuan ($100.68) a ton.
On the Singapore Exchange, the benchmark December iron ore was up 0.1 percent at $93.55 a ton.
Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as Chinese authorities grapple with a spike in COVID-19 cases that has deepened concern about the economy and dimmed hopes for a quick reopening.
Mainland China’s Health Commission reported 29,157 new coronavirus cases for Nov. 22, compared with 28,127 new cases a day earlier.
Any hopes of gains stemming from a boost in demand from the measures to support China’s property sector have been snuffed out by the prospect of rising supply, ANZ said in a research note.
