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Iron ore price reclaims $100 level
Iron ore prices have once again broken the $100 per ton barrier, rising by 1.6% to reach $101.10 in the Singapore market, following recent sell-offs of long positions and traders' preference to close short-term positions. This reflects growing expectations of restocking inventories ahead of China's National Day holiday in October, amid continued hopes for a rebound in construction activity and rising shipping costs. Markets also showed mixed movements in industrial metals, with copper and aluminum experiencing slight declines, while lead and zinc recorded gains.
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