Oct 31

Iron ore rises on China demand hopes, but logs monthly losses

Iron ore futures rose on Friday as a decline in steel inventories in China rekindled optimism over demand for the steelmaking raw material, but the Asian benchmarks marked monthly losses as supply risks receded. Iron ore on Chinas Dalian Commodity Exchange rose for a fourth consecutive session to close 2.1% higher at 794.50 yuan ($118.53) a tonne. It fell 0.8% in October. It rose 1.1% to $112.33 a tonne by 0710 GMT on the Singapore Exchange, and was set to end with a 2.5% monthly decline.
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