ANFGF - 'Very hot' iron ore copper skyrocket to new record highs

Metals and mining stocks are on watch after iron ore futures (SCO:COM) in Singapore and Dalian both rallied more than 8% overnight, extending their record highs well past $200/ton, as strong demand from top buyer China leaves supplies stretched."This sector is very, very hot, and just when China's steel demand impulse will ease is perhaps the biggest question of 2021," Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, tells Bloomberg.Among pre-market movers: [[RIO]] +3.1%; [[BHP]] +3.4%, [[VALE]] +4.3%, [[MT]] +1.3%, [[X]] +2.6%, [[CLF]] +4.1%, [[NUE]] +2.1%.Copper also is extending its record rally, with three-month copper of the London Metal Exchange surging to another all-time high of $10,747.50/ton, after first breaching a decade-old record on Friday."A lot of investors are looking the market with despair if they're not involved and they're looking to get involved," Saxo Bank head of commodity strategy Ole Hansen says.Relevant pre-market gainers include [[FCX]] +3.2%, [[TECK]]

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'Very hot' iron ore, copper skyrocket to new record highs