Iron ore futures rose on Tuesday, with the Singapore benchmark hitting a five-month peak, buoyed by a raft of measures from top steel producer China to rejuvenate its faltering economy and struggling property sector.
The most-traded October iron ore on the Singapore Exchange climbed as much as 2 percent to hit $117 per metric ton, the contract’s strongest level since early-April.
The steelmaking ingredient’s most-active January contract on China’s Dalian Commodity Exchange ended morning trade 1.2 percent firmer at 861.50 yuan ($118.18) per ton, just below a contract high of 865.50 yuan hit on Monday.
“The introduction and implementation of economic stimulus policies are worth looking forward to,” Huatai Futures analysts said in a note.
Beijing has released a series of measures to revive slowing growth, with the central bank and top financial regulator last week easing some borrowing rules to aid homebuyers. – Reuters
