MANILA: Iron ore futures fell amid profit-taking on Monday, with the Singapore benchmark retreating after eight straight sessions of gains and Dalian prices easing from a 10-week high.
The steelmaking ingredient’s most-active July contract on the Singapore Exchange slumped as much as 4.8% to $107.15 per metric ton. It was down 3.5% at $108.60 by 0456 GMT.
The most-traded September iron ore on China’s Dalian Commodity Exchange ended morning trading 1.3% lower at 789.50 yuan ($110.53) a tonne. Hopes of a broader, more substantial stimulus to support top steel producer China’s faltering economy had fuelled iron ore’s rally starting late May.