Iron ore slumps

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    Iron ore futures fell to their lowest in nearly two months on Tuesday, as market participants turned cautious ahead of the week-long Lunar New Year holiday beginning on Feb. 11 in top steel producer China.

    The most-traded May iron ore contract on China’s Dalian Commodity Exchange slumped as much as 3.4 percent to 955.50 yuan ($147.89) a ton, its weakest since Dec. 10.

    The steelmaking ingredient’s March contract on the Singapore Exchange tumbled as much as 6 percent to $142 a ton, also its lowest since Dec. 10, though it quickly recovered to $148.40 by 0338 GMT.