Iron Ore Hits Highest Since February on PBOC Outlook, Restocking

Iron ore hit the highest price since February, buoyed by the outlook for macro-economic support in China and pre-holiday restocking.

Futures rose for a fourth day, nearing $109 a ton in Singapore. The People’s Bank of China said it would make use of multiple policy tools, including cuts to interest rates, in a flexible and efficient manner, according to a statement on Tuesday evening. The authorities didn’t give a timetable for the moves.