Increases in iron ore

Dalian and Singapore iron ore futures rose on Monday after China cut benchmark loan rates to support its economy. However, the price increase is expected to be short-lived as the demand outlook remains pessimistic.

China slashed its benchmark loan rate and mortgage reference by a larger margin, in addition to last week's easing measures, as it tries to revive an economy hampered by the real estate crisis and resurgence of COVID-19 cases.

The top-traded September contract on the Singapore Exchange rose 2.3% to $103.10 per ton at 0437 GMT. The top-traded January iron ore on the Dalian Commodity Exchange rose 2.6 percent to 698 yuan ($102.26) before trading 2.1% higher during the Asian lunch break, with demand outlook bleak.

While record temperatures continue in China, it also destroys the demand for construction steel.