AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

BEIJING: Prices of iron ore futures climbed to a four-week high on Thursday, supported by reduced shipments from a major producer and growing expectations of further rate cuts by the Federal Reserve following cooler-than-expected US inflation data.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.92% higher at 797 yuan ($108.71) a metric ton, its highest since Dec. 18, 2024.

The benchmark February iron ore on the Singapore Exchange climbed 1.87% to $102.45 a ton by 0722 GMT, the highest since Dec. 19.

Leading iron ore supplier Rio Tinto reported its lowest annual shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter.

Also providing some support to the key steelmaking ingredient was a weaker U.S dollar, which makes dollar-denominated commodities cheaper for holders of other currencies.

Iron ore near two-week high on strong China data

Additionally, signs of possibly higher ore demand in the coming weeks supported prices, said analysts, referring to a likely rise in hot metal output. Boosting overall sentiment, Country Garden, once China’s top developer by sales, said it expects to report a smaller annual loss for 2024 as the struggling developer works to revive its business.

Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 3.83% and 3.45%, respectively, as some traders liquidated short positions, said analysts.

Most steel benchmarks on the Shanghai Futures Exchange ticked up.

Rebar added 1.22%, hot-rolled coil advanced 1.09%, stainless steel gained 0.56%, wire rod rose 0.46%.

“The recent wave of prices gains mainly benefited from improved expectations for steel consumption boosted by the macro sentiment,” said Zhuo Guiqiu, analyst at Jinrui Futures. “The restocking expectations aggravated price volatility amid low steel inventories.”

Comments

200 characters