Market Outlook: Iron Ore Nears Two-Month High Amidst Chinese Stimulus Bets and Restocking in Dalian

Forex - In Dalian, futures prices for iron ore rose for the third consecutive session, reaching their highest level in nearly two months, supported by additional economic stimulus and seasonal restocking expectations from steel producers in China.
The January iron ore contract on the Dalian Commodity Exchange (DCE) closed the morning session at 809 yuan/ton ($110.96), up 0.94%. Earlier in the session, the contract peaked at 813.5 yuan/ton, the highest level since October 8.
The benchmark January iron ore on the Singapore Exchange reached its highest level since November 8 at $105.2/ton, before leveling off at $104.6/ton at 07:26 GMT.
Analysts noted that market participants are eagerly awaiting clues about possible further stimulus from the anticipated meetings among Beijing's top leaders.
They also mentioned that the increase in stockpiles by steel producers has supported the prices of key raw materials used in steel production.
On the DCE, coking coal and coke prices fell by 0.69% and 0.85%, respectively.
At the Shanghai Futures Exchange, rebar rose by 0.51%, hot-rolled coil by 0.86%, and wire rod by 0.47%, while stainless steel remained unchanged.