SLX - Miners Cheer As China's Manufacturers Continue To Increase Pace | Benzinga
Iron ore prices were boosted by hopes of an industrial recovery in China following data that showed improving activity in the country’s manufacturing sector.
Singapore iron ore 58% futures rose 3.8% on Monday, reversing earlier losses that took the prices nearly 4% lower, while futures on the Dalian exchange in China ended 3.8% higher. However, iron ore futures on the Chicago Mercantile Exchange (CME) fell 0.3%.
The catalyst for the gains in Asia appeared to be data from the latest purchasing manager index (PMI) survey on China’s manufacturing sector that showed further improvement in economic activity during the first quarter.
This was driven by greater inflows of new work, including from overseas, which helped increase production and levels of purchasing of raw materials. The March Caixin PMI rose to 51.1, up from 50.9 in the previous month, and marked the fifth-successive monthly improvement.
Dr. Wang Zhe, ...