BEIJING: Iron ore futures gained on Wednesday, as hopes of fresh stimulus from top consumer China outweighed concerns over a gloomy outlook stemming from growing supply and diminishing demand.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 1.38percent higher at 774 yuan (USD108.66) a metric ton, its highest since November 7. The benchmark December iron ore on the Singapore Exchange rose 1.31percent to USD102.85 a ton as of 0738 GMT, also the highest since November 7.
Hopes of more stimulus revived after China’s central bank said on Tuesday it would maintain “appropriately loose” monetary policy, keep liquidity ample while improving its policy transmission, as the economy still faces risks and challenges.
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