Iron Ore Tops $100 on Position Unwinds and China Buying Hopes
AI Summary
Iron ore prices surged above $100 per ton for the first time in seven weeks, driven by traders unwinding coking coal bets and expectations of increased restocking in China before holidays. High freight costs also supported the price rise.
Iron ore broke above $100 a ton for the first time in seven weeks as traders unwound bets that favored coking coal, adding to support from expectations for pre-holiday restocking in China and high freight costs.
Markets Commodities Shipping iron ore commodity prices China freight costs coking coal trading restocking