Iron ore price posts steepest daily rise in over 1 year on fresh China stimulus

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Prices of iron ore futures surged on Tuesday to log their largest intraday gain in more than a year, as a wave of fresh monetary stimulus from China and restocking ahead of the top consumer’s national holidays lifted market sentiment.

The broader-than-expected package offering more funding and rate cuts marks Beijing’s latest attempt to restore confidence after a slew of disappointing data raised concerns of a prolonged structural slowdown.

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