Iron ore rallies, as wheat prices continue to declineBloombergIron ore last week rose to the highest level in almost four months on signs that Chinese authorities would announce more support for the property sector at a key meeting next week. There is scope for iron ore to rally further due to positive sentiment on China’s shift away from its “zero COVID-19” policy and Beijing’s determination to support the property sector, Citigroup Inc said in a note. Replenishment of iron ore stockpiles remains slower than expected, Minmetals Futures said in a note. Iron ore rose 2 percent to US$111.25 a tonne in Singapore on Friday, set for a sixth weekly advance. Meanwhile, wheat posted a fifth straight week of losses as prospects brighten for getting global grain shipments out of the war-stressed Black Sea.
