SINGAPORE- Singapore and Dalian iron ore futures retreated on Monday from multi-month highs touched in the previous session, as traders weighed a mixed bag of economic data from China against hopes for more stimulus.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange slid 0.5 percent to 835.5 yuan ($116.62) per metric ton after hitting a four-month peak in the previous session.
On the Singapore Exchange, the benchmark August iron ore sank 1.6 percent to $112.4 per metric ton after rising for four straight sessions to hit a three-month high on Friday.
China’s economy grew at a frail pace in the second quarter, although the annual figure was flattered by base effects, data showed on Monday.
For June, industrial output topped forecasts with a 4.4 percent uptick from a year earlier, with crude steel output posted a 1.1 percent month-on-month rise and 0.4 percent year-on-year growth.
Still, property sales fell sharply in June from May, the fastest pace this year, while investment slumped in the double-digits.
Data last Thursday showed China’s exports fell the most in three years in June. -Reuters
