Iron ore up on demand hopes

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    Chinese iron ore futures edged higher on Monday on hopes that demand for the steelmaking ingredient will remain robust in the world’s top steel producer, although easing supply concerns capped gains in Dalian while pulling down prices in Singapore.

    Iron ore on China’s Dalian Commodity Exchange was up 0.9 percent at 829 yuan ($123.38) a ton. It jumped 3.8 percent on Friday when Chinese traders returned to work after the Oct. 1-8 holiday.

    On the Singapore Exchange, iron ore slipped 0.8 percent to $120.12 a ton.

    Spot iron ore demand in China lifted prices to $125 a ton on Friday, the highest since Sept. 15, based on SteelHome consultancy data.

    Support for iron ore was intact ahead of the China Communist Party’s plenary session later this month, where policies related to infrastructure and real estate are likely to be discussed, commodity strategists at ANZ said.