Iron ore at almost 2-week high
Tuesday, 2 July 2024
BEIJING, July 1 (Reuters): Iron ore futures prices rose on Monday to their highest levels in nearly two weeks, helped by better-than-expected factory data in top consumer China and hopes of more stimulus measures in the world's second-largest economy later this month.
The most-traded Septe-mber iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 2.5 per cent higher at 840 yuan ($115.58) a metric ton, the highest level since June 18.
The benchmark August iron ore on the Singapore Exchange was nearly 1.7 per cent higher at $108.4 a ton, as of 0707 GMT, the highest since June 20.
The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 51.8 in June from 51.7 in the previous month, marking the fastest clip since May 2021 and surpassing analysts' forecasts of 51.2.