Iron ore prices hit multi-month high on China demand hopes

Iron ore futures rallied on Wednesday to ‍their highest in multiple months, boosted by ​hopes of improving demand in top ‌consumer China following Beijing's pledge of ​easing monetary policy this year.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed morning trade 3.52% higher at 823.5 yuan ($117.90) a metric ton, its highest level since July ​23.

The benchmark February iron ore on ⁠the Singapore Exchange was 1.67% higher at $108.25 a ton as of 0322 GMT, after touching its ​highest since February ⁠24 at $108.6 earlier.