Iron ore rise 1.3%

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    China ’s iron ore futures rose for a third straight session on Thursday, supported by industry data showing a decline in weekly shipments of the steelmaking ingredient from Australia.

    Iron ore on China’s Dalian Commodity Exchange rose as much as 1.3 percent to 784 yuan ($116.96) a ton.

    It slipped by up to 1.5 percent to $112.97 a ton on the Singapore Exchange, but was still on course for a weekly gain.

    Iron ore shipments from Australia last week fell to 14 million tons, the lowest since the third week of September, Refinitiv Eikon data showed.

    While shipments from Brazil to China rose to 3.97 million tons, from 3.79 million tons in the prior week, it was below the weekly average of around 5.1 million tons between September and October.

    Iron ore was also supported by lingering concerns over congestion at Chinese ports, and as investors waited for China’s economic blueprint to be laid out at this week’s Communist Party plenum.