November 26, 2022

Iron ore retreats on tempered optimism about China

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Dalian and Singapore iron ore futures reversed early good points on Thursday, retreating after a four-session rally that defied weak market fundamentals, as merchants tempered their optimism about China’s stimulus package deal for property builders.

Benchmark January iron ore on China’s Dalian Commodity Change ended morning commerce 0.7% decrease at 723 yuan ($101.38) a tonne, after hitting its highest since Oct. 11 at 742.50 yuan earlier within the session.

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