BEIJING- Chinese iron ore futures jumped nearly 4 percent on Tuesday, touching 900 yuan ($135.00) per ton for the first time in nearly six weeks, as financial hub Shanghai was set to resume operations, lifting hopes of a demand recovery.
Officials in Shanghai announced an end to its two-month lockdown on Monday. The city will move into a normalized epidemic-control phase from Wednesday, allowing shops to reopen and people in “low-risk” area to return to work.
Downstream consumption could gradually pick up after being halted for months amid the recent COVID-19 outbreak, and disappointed metals producers during the traditional peak season for constructions.
China’s factory activity declined slower in May from the prior month, though economic growth in the second quarter still under doubts.
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