Iron ore slips despite a huge jump in futures yesterday

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Despite a sharp currency-led bounce in Chinese futures yesterday, the iron ore price has fallen overnight.

The spot price for benchmark 62% fines fell 18 cents, or 0.32%, to $56.22, according to Metal Bulletin.

In a sign that further losses in the spot price may arrive this evening, the most actively traded January 2016 contract on the Dalian commodities exchange settled down 1.2% to 371.5 yuan in overnight trade.

Trade for Dalian’s day session will begin at 11am AEST.

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