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Bloomberg reported iron-ore swaps rose to the highest since July on speculation China may cut the amount of cash banks have to keep in reserve.
Bloomberg reported iron-ore swaps rose to the highest since July on speculation China may cut the amount of cash banks have to keep in reserve.
As quoted in the market news:
November contracts rose 2.6 percent to $116.50, the highest since July 31, Jamie Pearce, head of iron ore and freight at SSY in Singapore, said in an e-mail today. Trading of the derivatives will more than triple this year as investors use them to bet on Chinese economic growth and steel demand, broker Freight Investor Services Ltd. estimates.
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