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Iron ore futures prices rose on Monday to their highest levels in nearly two weeks, helped by better-than-expected factory data in top consumer China and hopes of more stimulus measures in the world’s second-largest economy later this month.
The Caixin/S&P Global manufacturing purchasing managers’ index rose to 51.8 in June from 51.7 in the previous month, marking the fastest clip since May 2021 and surpassing analysts’ forecasts of 51.2. China’s capital city Beijing unveiled last week measures to reduce the cost of buying a home by cutting mortgage interest rates and the minimum down payment ratio.
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