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The Australian reported that the iron ore price has jumped past US$55 per tonne in offshore trade despite soft Chinese data.
The Australian reported that the iron ore price has jumped past US$55 per tonne in offshore trade despite soft Chinese data.
As quoted in the market news:
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US55.30 a tonne, up 4.5 per cent from $US52.90 a tonne in the prior session.
The positive session belied a broad sell-off on commodity markets as copper and aluminium struck six-year lows and Brent crude slid below $US50 a barrel for the first time since January.
Investors were spooked by soft manufacturing reports out of China on Saturday and yesterday, which dampened hopes for strong demand out of the world’s second largest economy.
The iron ore rebound erased two days of falls and brought it back to the one-month high it touched on Wednesday last week.
Click here to read the full The Australian report.