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Iron Ore Turns ‘Very Hot’ as 10% Surge Adds to Commodities Boom

  • Futures soar past $226 in Singapore to all-time high
  • Goldman says commodities may be entering ‘Goldilocks scenario’
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WATCH: Vivek Dhar, analyst at CBA, discusses the ransomware attack on U.S.’s biggest fuel pipeline, the outlook for iron ore and oil.(Source: Bloomberg)
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Iron ore futures surged more than 10% and copper extended its record run amid increasing bets they’ll be among the biggest winners from a commodities boom that’s stoking concerns about inflation around the world.

While analysts struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several trends including optimism that central banks will retain supportive policies even as the global economy recovers. Expectations China will tighten environmental rules have added to the bull case for copper -- seen as vital to the green energy transition -- and fueled speculation that steelmakers may front-load iron ore purchases before new curbs kick in.