CAPITAL MARKETS

Iron ore price strengthens

The iron ore price has shot up on promising property signs and increased imports into China.

Staff reporter
 Rio Tinto’s Yandicoogina iron ore mine in Western Australia

Rio Tinto’s Yandicoogina iron ore mine in Western Australia

"Iron ore futures jumped back above US$110 per tonne for the first time in five weeks on expectations that China's plans to ease property curbs will boost demand," ANZ senior commodity strategist Daniel Hynes said.

"Strong imports of iron ore also provided support to prices.

"November imports [rose] nearly 7% year-on-year to 105 million tonnes."

He said copper prices also climbed as strong Chinese imports soothed concerns about demand.

Elsewhere, nickel rose 1.89% on the London Metal Exchange to $20,339.75/t.

Gold was steady around $1,784 an ounce on the spot market.

Mining majors showed strong gains in London.

Anglo American closed up 6.49%, Rio Tinto rose 4.8% and Antofagasta gained 4.34%.

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