Iron ore has stumbled

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Iron ore stumbled on Thursday, having surged by close to 3% on Wednesday.

The spot price for benchmark 62% fines fell by 0.77% to $51.89 a tonne, according to Metal Bulletin, trimming its weekly gain to 1.65%.

Bucking the weakness in the spot market, Chinese iron ore futures jumped in overnight trade, rising 1.16%.

Although signalling that the spot price may follow suit on Friday, the correlation between the two markets has weakened in recent weeks.

Trade in Chinese commodity futures will resume at 11am AEST.

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