Iron ore futures rose on Friday (20), with continued optimism about an economic recovery in China, the world’s largest steel producer, raising demand sentiment.
But on a weekly basis, futures still posted losses due to a drop in prices earlier in the week.
The most traded iron ore for May on China’s Dalian Commodity Exchange ended day trading up 1.8% at RMB 865.0 ($127.51) a tonne.
For the week, the most traded Dalian contract is down about 1.6%, largely due to a pullback in prices earlier in the week after China’s state planner issued its third warning this month over excessive speculation in the market.
The Dalian Stock Exchange will be closed from January 21 to 27 for the Lunar New Year holidays. Trading will resume on January 30.
On the Singapore Exchange, February benchmark iron ore rose 1.8% to $125.95 a tonne.
Sentiment is high as optimism about strengthening Chinese demand continues to mount.
BHP CEO Mike Henry said China’s pro-growth policies, including those in the real estate sector, and the easing of Covid-19 restrictions could support a progressive improvement in the second half of the year, ANZ Research noted in a note. .
China said on Friday the worst was over in its battle with Covid-19, ahead of what is expected to be one of the busiest travel days in years, a mass movement of people that stoked fears of a further surge. of infections.
Source: CNN Brasil
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