Mineral Resources' Shares Soar Over 7% As Iron Ore Prices Futures Rise

MT Newswires Live

Oct 24

The shares of Champion Iron (ASX:CIA) fell 0.5% in recent trading on Friday, while those of Mineral Resources (ASX:MIN) were up past 7%, reaching a 52-week high point.

Iron ore futures prices rose on Thursday, boosted by hopes of stimulus measures and positive steel data from China.

Reuters reported Thursday that better-than-expected steel data pointed to firm ore demand in the near term, citing one trader and two analysts.

The January iron ore contract on China's Dalian Commodity Exchange rose 0.39% to 777 yuan per metric tonne, while the benchmark November iron ore on the Singapore Exchange climbed 0.45% at $104.65 per tonne.

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