It looks like iron ore's latest price surge is over

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It looks like iron ore’s latest price surge is over.

Resuming trade after a public holiday on Tuesday in Singapore, the spot price for benchmark 62% fines slid by 1.6% to $60.58 a tonne, according to Metal Bulletin, trimming its year to date gain to 39%.

Suggesting that there’s likely to be further weakness in the spot market today, Chinese iron ore futures tumbled in overnight trade.

The September 2016 contract on the Dalian Commodities Exchange slumped 2.22% to 484.5 yuan. Earlier this week it had traded as high as 511 yuan, the highest level seen since March 2015.

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