It’s been a good night for the spot iron ore price. A very good night.
The spot price for 62% fines jumped by $1.10, or 2.10%, to $53.45 a tonne according to Metal Bulletin’s iron ore index. It now sits at the highest level seen since July 3 this year.
Not only did the spot price jump but futures too.
The most actively traded January 2016 contract on the Dalian commodities exchange rose by a further 2.39% to 363.5 yuan overnight.
If maintained today it suggests another handsome rise will be seen in the spot price this evening.
Trade in Dalian resumes today at 11am AEST.