Iron Ore Powers Back Above $50 as Whipping Boy of 2015 Rebounds
- `There is a bit more optimism in the air,' Kirchlechner says
- Prices rally even as banks expect further losses on supplies
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Iron ore, the whipping boy of commodities last year as world supply overwhelmed demand, has clawed its way back above $50 a metric ton.
Ore with 62 percent content rallied 6.2 percent to $51.52 a dry ton on Monday, the highest level since Oct. 27, according to Metal Bulletin Ltd. The commodity has jumped 18 percent this year after plunging to $38.30 in December, the lowest in more than six years.