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Iron-Ore Swaps Rise as Traders Bid Before Chinese Holiday

Sept. 28 (Bloomberg) -- Iron-ore swaps rose as traders sought to secure contracts before next week’s holidays in China, according to Clarkson Securities Ltd., a unit of the world’s largest shipbroker.

Fourth-quarter contracts increased 1.4 percent to $106.50 a metric ton as of 2 p.m. in London, Clarkson data show. That’s the highest since Sept. 19.

Traders are bidding before markets in China, the world’s largest importer of the commodity used to make steel, close for the Golden Week holiday, said Alex Gray, chief executive officer of Clarkson Securities in London. Speculation of further government stimulus is also supporting prices, he said by phone.

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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