Iron ore is on an epic winning streak not seen in years

Buda Mendes/Getty Images

Iron continued its late year revival overnight, rising for the ninth consecutive session.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 2.62%, or $1.11, to $43.42 a tonne.

The increase, the largest in percentage terms since October 8, makes the gain from the record-low level of $38.30 a tonne struck on December 11 an impressive 13.37%.

In the past three sessions alone the price has put on 5.9%, with the current winning streak the longest seen since March 2012.

Suggesting that the price may rally for a tenth consecutive session today, Chinese iron ore futures continued to push higher overnight. The most actively traded May 2016 contract on the Dalian Commodities Exchange rose by a further 0.94% to 323.5 yuan.

If maintained during today’s day session, beginning at 12pm AEDT, it suggests there’s likely to be another increase in the spot price later on this evening.

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