Iron Ore Heads Back Toward $100 a Ton After China Stimulus Push
- Authorities in Beijing taking more steps to revive property
- Base metals give up early gains on London Metal Exchange
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Iron ore rallied for a second day on speculation that China’s mammoth stimulus package would help to bolster demand. Base metals drifted lower after strong gains on Tuesday.
The steelmaking material briefly rose above $99 a ton in Singapore before paring gains. It closed almost 6% higher in the previous session after Beijing unveiled a broad suite of measures to support Asia’s largest economy, with a particular focus on the real estate market.