- Global miners surge in early trading, with Rio Tinto (LON:RIO) (RIO +2.3%) and BHP Billiton (LON:BLT) (BHP +1.4%) reaching new 52-week highs, as China iron ore prices jumped as much as 7% overnight.
- Vale (VALE +2.6%), Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY), Anglo American (LON:AAL) (OTCPK:AAUKF, OTCPK:AAUKY) and Fortescue Metals (OTCQX:FSUMF +1.1%) also are higher after Dalian iron ore futures rose to a four-month high while Shanghai steel rebar reached its best levels in five years.
- “There’s a bit of a relief effect coming from China,” says Didier Saint-Georges, member of the Investment Committee at Carmignac. “[Economic] momentum in China has been quite good, and these fears about demand for commodities and the mining sector were probably not well placed."
- Also: MT +4.6%, X +3.1%, AKS +1.4%, CLF +2.9%, CMC +1.1%, RS +1.1%.
- Now read: Cliffs Natural Resources Offers 5 Million Of Senior Notes
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