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Iron Ore Jumps Over 7% on Bets China Will Boost Fiscal Stimulus

  • Futures extend 4 weeks of gains in Singapore; Dalian climbs
  • Officials say core goal for 2022 is to stabilize the economy
Updated on

Iron ore surged more than 7% in Singapore amid demand optimism on expectations that China will move to increase stimulus next year to bolster the economy. Prices also jumped in Dalian.

Futures on the SGX extended a stretch of four weekly gains, the longest winning run since May, and headed for the highest close since late October. Economists predict the country will start adding fiscal stimulus in early 2022 after top officials said their key goals for the coming year include counteracting growth pressures and stabilizing the economy, even though curbs on property are expected to remain.