IRON ORE RALLY A SURPRISE

The price of iron ore jumped overnight, making its largest one day move in history, according to Business Insider. That pushes the metal up nearly 67% since hitting a low last December. Though it could be just another fluke related to upcoming meetings in China since sudden spikes have happened before it came unexpected and continued a recent upward move in prices.

That iron has been in terrible straights for a long time owing to the global recession is hardly news.

The iron ore market made history on Monday, recording its largest one-day increase on record.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by $9.99, or 18.6% to $63.74 a tonne, the highest level seen since June 15 last year.

Whether in percentage or dollar terms, it was the largest increase ever recorded going back to when spot pricing was first introduced in mid-2008. From the all time low of $38.30 a tonne struck on December 11 last year, the benchmark price has now risen by 66.4% businessinsider.com/iron-ore-biggest-ever-one-day-gain-chart-2016-3?