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Iron ore is flying after 11 gains on the trot

Jerry Markland/Getty

Iron ore price continued to rally overnight, bucking weakness seen in other asset classes.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 1.84%, or 80 cents, to $44.37 a tonne.

The increase, the eleventh on the trot, marks the longest stretch of uninterrupted gains seen since March 2012.

From December 11, the date when the benchmark price fell to an all time record low of $38.30 a tonne, it has now rebounded by 15.84%, approaching the 20% plus level that marks a technical bull market.

It is also nearing $44.59 a tonne, an important technical level that marked the previous record low set on July 8 last year.

While the spot iron ore price continued to rocket higher, Chinese futures softened in overnight trade.

The most actively traded May 2016 contract on the Dalian Commodities Exchange fell by 0.46%, suggesting that the winning streak for the spot price may come to an end should the losses be maintained today.

Trade in Dalian will resume at 12pm AEDT. The daily spot price fixing will follow later on at 10pm AEDT.

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