Iron ore ticks higher

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The spot iron ore price ticked higher overnight, keeping with the choppy trade seen in recent days.

According to Metal Bulletin, the price for benchmark 62% fines rose by 15 cents, or 0.27%, to $55.12 a tonne. The spot price for lower grade ore fell, with 58% fines slipping by 26 cents to $48.41 a tonne.

Indicating that the choppy price action may continue again today, Chinese iron ore futures weakened again overnight. The most actively traded January 2016 contract on the Dalian Commodities Exchange fell by 0.93% to 373.5 yuan.

Trade in Dalian will resume at 12pm AEDT.

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