Spot iron ore jumped a further 3% overnight

Photo: Getty

As Dalian futures suggested yesterday the spot iron ore price has surged even further overnight.

According to Metal Bulletin’s iron ore index (MBIOI-62) the spot price for 62% fines jumped 2.58%, or $US1.58, to $US62.76 on Tuesday.

With yesterday’s gains the spot price has now risen 9.87% in just the past four trading sessions.

No doubt there will be plenty of people watching Dalian futures closely when trade resumes at 11am Sydney time this morning.

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