Iron ore futures extend gains

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    BEIJING- Iron ore futures in China extended gains into a second session, rising more than 2 percent, as data showed shipments from Brazil dropped last week.

    The most-actively traded iron ore futures on the Dalian Commodity Exchange – the January 2020 delivery – climbed as much as 2.1 percent to 664 yuan ($94.33) per ton in morning trade. It was up 1.5 percent at 660 yuan.

    Shipments of the steelmaking ingredient from Brazil stood at 6.0 million tons, down by 516,000 tons from a week earlier, data compiled by Mysteel consultancy showed.

    Futures rose on Tuesday after Brazilian miner Vale SA lowered its outlook for iron ore production for the first quarter of next year.

    Benchmark spot 62 percent iron ore stood at $89.5 per ton on Tuesday, rebounding from three consecutive sessions of declines.

    Other steelmaking raw materials were mixed. Dalian coking coal futures edged down 0.04 percent to 1,239 yuan per ton, while January coke contract jumped 1.1 percent to 1,879 yuan per ton. – Reuters