BEIJING: Iron ore futures drifted higher on Thursday, as the focus shifted back to favourable fundamentals of firm near-term demand and lower supply, although intense trade tensions between the world’s two largest economies capped gains.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.99% higher at 713.5 yuan ($97.63) a metric ton as of 0256 GMT.
Earlier in the session, the contract hit 715 yuan, its highest since April 11. The benchmark May iron ore on the Singapore Exchange was 0.57% higher at $98.75 a ton. Inclement weather-induced lower supply in the past quarter, coupled with remaining firm near-term demand, supported prices of the key steelmaking ingredient.
BHP Group reported slightly lower third-quarter iron ore output due to cyclones. The other two giant miners Rio Tinto and Vale reported lower first-quarter shipments and output, respectively.
Comments
Comments are closed for this article.