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Iron ore futures in Singapore soared as much as 7.2% to US$116.15 a ton yesterday amid hopes of China increasing stimulus next year, Bloomberg reported.
"There seems to be some more positive onshore rhetoric with the expectation that the onshore credit contraction has drawn to its natural conclusion with Chinese authorities likely to introduce further easing measures as we enter 1Q22," Marex's Al Munro said from the LME desk.
"Indeed there were whispers that a rates cut would be telegraphed imminently."
Base metals closed mainly lower on the London Metal Exchange, where nickel's 0.29% fall has taken it further below $20,000/t to $19,804/t.
The gold price has zig-zagged but is now similar to this point yesterday, at $1,787 an ounce on the spot market.
Precious metals producer Fresnillo and copper miner Antofagasta were the key market risers in London, up 2.35% and 1.1% respectively.
Finally, BHP was down slightly in morning Australian trade.
