COM - Iron ore hits seven-week highs on hopes for China property stimulus

2023-06-06 09:50:27 ET

Iron ore futures in China rose Tuesday to their highest levels since mid-April, as hopes grew for more stimulus measures aimed at boosting the beleaguered property sector in the top steel producing country.

According to Reuters, the most-traded September iron ore contract ( SCO:COM ) on China's Dalian Commodity Exchange ended morning trading +3.1% at 780 yuan/metric ton ($109.71), and the benchmark July contract on the Singapore Exchange was +2.9% at $108.10/metric ton, both the strongest in seven weeks.

Potentially relevant stock tickers include ( NYSE: BHP ), ( NYSE: RIO ), ( VALE ), ( OTCQX:FSUMF ), ( OTCPK:GLCNF ), ( OTCPK:GLNCY ), ( OTCQX:AAUKF ), ( OTCQX:NGLOY )

Singapore iron ore has surged 18% from a low near $90/ton in late May, as disappointing Chinese economic data, including those pointing to a still weak property sector, prompted speculation that China would launch additional stimulus measures.

More on iron ore:

• Iron ore and steel producers poised for gains on China demand hopes
• Iron ore slump shows Chinese economy is still struggling
• The bear case for iron ore

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