Iron ore continues to rally

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The iron ore price rallied for a fourth consecutive session overnight, taking it back to levels last seen two months ago.

According to Metal Bulletin, the spot price for benchmark 62% ore rose by a further 83 cents, or 1.43%, to $59.01 a tonne.

The price now sits at the highest level seen since July 1, and takes the rally from the lows of July 8 to an amazing 32.3%.

In a sign that the rally may extend to fifth session this evening, Dalian iron ore futures continued to push higher overnight with the most actively traded January 2016 contract jumping by a further 7.5 yuan, or 1.85%.

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