Iron ore sees small rally

Iron ore has seen a slight recovery as a stronger Chinese economy, and lower exports, lifts the metal.

It leapt six per cent over night, after a slump earlier this month, to reach US$46.26, according to Fairfax.

This a positive turn for the metal which has been languishing on the back of lowered Chinese demand and a flooded iron ore market, as China drops export levels

It has not been the only commodity to see boost, with both nickel and copper recording positive movements.

Nickel has leapt 5.6 per cent on the LME following a series of disastrous months and poor performance last year that resulted in the closure of some nickel operations and the suspension of activities, as well as a swathe of job cuts.

This is a major win for a metal which earlier in the month dropped to its lowest point in more than a decade.

Copper also saw upwards movement, increasing 2.6 per cent to US$4615 per tonne.

However some are expecting this growth to be shortlived, pointing to the Lunar New Year as the impetus behind the slowing levels of Chinese exports which have typically driven commodity prices.

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