Iron ore hits five-month high

THE iron ore spot price rebounded strongly overnight after falling the prior three sessions.

Kristie Batten

The Metal Bulletin 62% fines price rose by 2.1% or $US1.29 to $65.39 per tonne, its highest price since January 23.

Iron ore is now up nearly 39% off its early April low of $47.07/t.

MB 58% fines rose by 1% or 58c to $55.75/t, the highest level since January 20.

Gold was also on the rise after several days of weakness, rising by 0.7% or $9 to $1186.60 per ounce.

The Australian dollar jumped back to 77.39c yesterday after a speech by Reserve Bank of Australia Governor Glenn Stevens, equating to a local spot price of $A1532.26/oz.

In London, lead and zinc fell while other base metals rose.

Copper jumped 1.1% to $US6023.75/t after spending the previous four sessions below the $6000/t mark.

Nickel and tin were up by around 0.8% each.

In energy, oil was up 2.1% to $61.43 a barrel, while the uranium spot price gained 12c to $36 per pound.

Global stocks had a strong night with almost all major indices up by more than 1% and the Euro Stoxx up 2%.

The SPI 200 Futures index was up 62 points this morning, pointing to a strong opening.