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Iron ore trades sideways as investors await cues on fresh China stimulus

Iron ore futures held within a narrow range on Thursday as positive industry data from top consumer China lifted sentiment, however gains were capped as financiers waited for cues on more stimulus from Beijing next week.

The most-traded January iron ore agreement on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.38%. lower at 781.5 yuan ($ 109.75) a metric ton, after hitting a. intraday high of 789.5 yuan a ton previously in the session.

The benchmark December iron ore on the Singapore. Exchange pushed up 0.05% to $103.75 a ton, as of 0802 GMT, after. touching a intraday high at $104.35 a lot.

Both criteria ticked higher previously in the session after. official information showed China's production activity expanded for. the first time in 6 months in October, suggesting that. Beijing's most current stimulus procedures are assisting the damaged. economy turn a corner.

Nevertheless, the gains were pared as investors exercised caution. over more stimulus measures next week, when China's top. legislative body, the National People's Congress (NPC) Standing. Committee, will satisfy.

Also blurring the outlook were mixed basics as supply. pressure is most likely to persist with more shipments showing up,. while demand for the key steelmaking component held firm with. steelmakers increase production when they might earn money,. experts at Huatai Futures said.

Other steelmaking ingredients on the DCE published further. losses, with coking coal and coke down 1.38%. and 1.29%, respectively.

Steel benchmarks on the Shanghai Futures Exchange were. weaker. Rebar dipped 0.35%, hot-rolled coil. edged down 0.14%, wire rod shed 1.37% and stainless. steel lost 0.73%.

(source: Reuters)