Dalian iron ore futures extended gains to hit a one-week high on Monday as expectations of new stimulus policies supported investor sentiment following the release of lower industrial profit data on Saturday.
According to the data, profits of industrial companies in China decreased by 20.6 per cent in the January-April period from a year earlier, while companies struggled with margin pressures and weak demand in an environment where the economic recovery has stalled.
On the Dalian Commodity Exchange (DCE), the most-traded September iron ore DCIOcv1 increased 4.89% to end day trading at 719 yuan ($104.02) per tonne, the highest level since May 22.
Benchmark June iron ore SZZFM3 on the Singapore Exchange reversed a downtrend in day trade, increasing 1.66% to settle at $102.25 a tonne by 0841 GMT, the highest since May 19.
Among other steelmaking components, coking coal DJMcv1 increased 0.97% and coke DCJcv1 increased 0.28%.
Rebar SRBcv1 on the Shanghai Futures Exchange increased 1.86% to 3,511 yuan per tonne, while hot-rolled coil SHHCcv1 increased 1.54%, wire rod SWRcv1 increased 0.97% and stainless steel SHSScv1 increased 0.54%.
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