Iron Ore Extends Gain as China’s Manufacturing Activity Improves

SEATTLE (Scrap Monster): Iron ore advanced for a second day as China’s manufacturing activity expanded following Beijing’s stimulus measures to shore up the economy.  

The Caixin manufacturing purchasing managers index rose to 51.5 last month, the highest since June. It showed new orders increased at the quickest pace during November since February last year.

Benchmark iron ore futures gained 0.7% to $104.70 per ton at 12.11pm in Singapore, after surging 3.4% last week.

However, the commodity may still come under pressure after falling 25% this year on a weakness in China’s housing activity.

The latest figures show the residential market sales fell again in November, reversing a gain in October.

Courtesy: www.theedgesingapore.com