Currently viewing Global edition

Iron ore, US market futures up

Strong import data out of China has helped lift the iron ore price.
Iron ore, US market futures up Iron ore, US market futures up Iron ore, US market futures up Iron ore, US market futures up Iron ore, US market futures up

BHP’s WA iron ore operations

Staff reporter

China's unwrought copper imports rose 50% month-on-month in June to a record 656,483 tonnes, Reuters noted, while iron ore imports hit the highest point in 33 months.

The MySteel 62% Australian iron ore fines iron ore price rose 2.8% to US$110/t.

However copper fell about 1.3% on the London Metal Exchange yesterday to just below $6,500/t, despite the strong demand, possibility of further strike action in Chile and flooding in China causing delays.

US and key Australasian market futures were positive while Europe was downbeat.

The S&P 500 had closed up 1.34% yesterday but the FTSE 100 rose just 0.06%.

Precious metals prices have strengthened on the spot market since this time yesterday.

Gold was worth about $1,808 an ounce at the time of writing and silver was at $19.24/oz.

Among the majors, Freeport-McMoRan closed up 3.69%, having earlier this week priced an upsized offering of $1.5 billion of senior notes, with the net proceeds to fund its concurrent offer to purchase certain outstanding senior notes.

Rio Tinto rose 1.36% in London, Barrick Gold gained 3.54% in Toronto and BHP was up 2.1% in morning Australian trade.