SINGAPORE- Iron ore futures prices traded within a narrow range on Tuesday as investors assessed a slew of softer economic data in China, after the top consumer’s latest stimulus measures underwhelmed and took the wind out of markets in the previous session.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.07 percent lower at 763.5 yuan ($105.58) a metric ton.
The contract had slumped by as much as 3.5 percent to a two-week low of 754.0 yuan in the previous session.
The benchmark December iron ore on the Singapore Exchange was 0.16 percent lower at $100.5 a ton.
New bank lending in China tumbled more than expected to a three-month low in October, data showed on Monday, as a ramp-up of policy stimulus to buttress a wavering economy failed to boost credit demand.
The world’s second-largest economy had unveiled a 10 trillion yuan debt package on Friday to ease local government financing strains and stabilize flagging economic growth, as it faces fresh pressure from the re-election of Donald Trump as US president.
