Iron ore futures extend losses

The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.4% lower at 732.5 yuan ($102.44) a tonne, off an earlier low.

On the Singapore Exchange, the benchmark December iron ore was up 1.7% at $95.05 a tonne as of 0715 GMT. Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as Chinese authorities grapple with a spike in Covid-19 cases that has deepened concern about the economy and dimmed hopes for a quick reopening.

Mainland China’s Health Commission reported 29,157 new coronavirus cases for Nov. 22, compared with 28,127 new cases a day earlier. Any hopes of gains stemming from a boost in demand from the measures to support China’s property sector have been snuffed out by the prospect of rising supply, ANZ said in a research note.