Iron ore leaps above $120 on China infra, property support hopes

Aug 1 (Reuters) - Iron ore prices rose to their highest in more than four weeks on Monday, extending last week's solid gains spurred by hopes of increased Chinese infrastructure spending and prospects of property sector bailouts.

The most-traded iron ore, for September delivery, on China's Dalian Commodity Exchange DCIOcv1 jumped 4.7% to 817.50 yuan ($121.15) a tonne in early trade, its strongest since June 30.

On the Singapore Exchange, the steelmaking ingredient's front-month September contract SZZFU2 climbed by up to 5.2% to $120.95 a tonne, also the highest since June 30.

China has urged local governments to speed up the use of special bonds for infrastructure that are mature and profitable, state media reported on Friday, following a cabinet meeting.

Fitch Ratings said it expects the Chinese government to roll out more financial support to boost infrastructure investment after this year's special-bond issuance quota was almost filled by end-June.