Futures gained for the fourth day in Singapore, and were up more than 4 per cent since Thursday’s close.
Prices have rebounded from a rocky start to the year, when traders were cautious about demand in China and awaited further stimulus, which was signalled by Beijing last week.
Sentiment got a boost from customs data released Monday that showed the world’s largest consumer of iron ore brought in a record 1.24 billion tonnes last year.
At the same time, China’s increasing imports has seen stockpiles accumulate, with port-side stocks at 14.66 million tonnes as of January 10, up from 12 million tonnes in the same period last year.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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