Iron ore futures advanced on Monday as hopes for higher demand soared after more cities in China’s major steel hub eased tight Covid-19 restrictions over the weekend.
The most-traded iron ore on the Dalian Stock Exchange finished daytime trading up 2.4% at 795.5 yuan ($114.41) per ton, after rising 4.1% in early trading to hit the highest level since 16 June.
On the Singapore exchange, benchmark December iron ore was up about 2% this morning to $108.75 a ton.
Beijing residents celebrated the removal of Covid-19 testing booths on Saturday, while Shenzhen said it would no longer require passengers to submit test results to travel as the pace of China’s coronavirus containment picks up.
Other Chinese cities, including Urumqi in the far west, announced an easing of restrictions on Sunday as China looks to make its Covid-zero policy more focused and less burdensome after unprecedented protests against restrictions last weekend.
Mainland China reported 30,014 new cases on Dec. 4, up from 31,824 new cases a day earlier.
🇧🇷The best content in your email for free. Choose your favorite Terra newsletter. Click here!
Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
