Iron ore soars to nearly $US71 a tonne

Iron ore has rallied to a 12 month high of nearly $US71 a tonne while other metals including nickel, copper, and zinc have also surged, according to the AFR.

China’s spot price of iron ore rose 3.9 per cent to $US70.98 a tonne, an 85 per cent increase from the $US38.30 mark in December last year.

This has also increased shares of both BHP and Rio Tinto, up 4.6 per cent and 6.8 per cent respectively.

Analysts suggest the iron ore price has been boosted by the surge in coking coal prices, which reached a high of $US307, according to The Australian.

Other metals received a surge as well, as copper reached $US5235 a tonne – a 7.9 per cent increase – and nickel reached 7.4 per cent to $US11,260 a tonne.

Zinc rose 2.6 per cent while lead had a 2.9 per cent jump.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.