Iron ore set for best close since November, riding broader year-end metals rally
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Iron ore futures reached their highest levels since November, rising 1.8% to $106.55/ton in Singapore, driven by a broader metals rally. This surge comes despite increasing iron ore stockpiles at Chinese ports. The Chinese government is supporting resource industries and expanding spending, contributing to positive market sentiment. Additionally, Rio Tinto and Fortescue will switch to alternative iron ore indices for contracts with China Mineral Resources Group. Other notable stocks include Vale, Antofagasta, Glencore, and Anglo American.
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