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China iron ore futures surge on improved economic outlook
June 26, 2014 / 2:40 AM / 3 years ago

China iron ore futures surge on improved economic outlook

SINGAPORE, June 26 (Reuters) - Chinese iron ore futures jumped as much as 3.5 percent on Thursday to their highest level in almost a month, supported by a better outlook for the world’s No. 2 economy.

“Some local governments have started to implement some small stimulus measures to boost activity and I think the better economic outlook is behind the surge in prices,” said a trader in Shanghai.

Iron ore for September delivery on the Dalian Commodity Exchange was up 3 percent at 712 yuan ($110) a tonne by 0231 GMT, after hitting a session high of 715 yuan earlier, its highest since May 28.

$1 = 6.2090 Chinese Yuan Renminbi Reporting by Manolo Serapio Jr.; Editing by Paul Tait

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