Iron ore futures rallied on Wednesday to their highest in multiple months, boosted by hopes of improving demand in top consumer China following Beijing’s pledge of easing monetary policy this year.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) closed morning trade 3.52% higher at 823.5 yuan ($117.90) a metric ton, its highest level since July 23.
The benchmark February iron ore on the Singapore Exchange was 1.67% higher at $108.25 a ton as of 0322 GMT, after touching its highest since February 24 at $108.6 earlier.