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Iron Ore Climbs to Five-Week High After Vale Flags Upside Risks
Iron ore rallied to the highest level in more than five weeks, extending its rebound on hopes for stronger Chinese demand. Futures in Singapore advanced as much as 1.9% to $121.95 a ton, before trading at $121.90 by 4:09 p.m. local time, building on a gain of over 6% last week. Vale SA, one of the top iron ore producers, said there were upside risks to prices after China’s government clearly signaled support for infrastructure activity. The iron ore market is very balanced, and there’s no supply increase coming from any region, the Brazilian company’s executive vice president of iron ore solutions, Marcello ... (full story)