Iron ore gains more ground

16 Feb 2002: Apolo Anton Ohno #369 of the USA gets his skate across the finish line as Steven Bradbury #300 of Australia celebrates winning the gold in the men’s 1000m speed skating final during the Salt Lake City Winter Olympic Games at the Salt Lake Ice Center in Salt Lake City, Utah. Ohno collided with the rest of the finalist but was able to cross the line second to win the silver medal. DIGITAL IMAGE. Mandatory Credit: Clive Mason/Getty Images

After what has been a horrible year, the iron ore price is finding some late form.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 34 cents, or 0.84%, to $40.80 a tonne.

The increase, the fourth in succession and sixth of the past seven, left the price 6.53% above its record low level of $38.30 a tonne struck on December 11. Year-to-date the price has still fallen 42.74%.

Pointing to the possibility that the winning streak may come to an end this evening, Dalian iron ore futures softened overnight with the January and May 2016 contracts – carrying the most open interest – falling 0.15% and 0.16% respectively.

Trade in Dalian will resume at 12pm AEDT.

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