SGX Iron Ore futures rose ~3% yesterday printing the contracts highest level since 21 April, we now sit a touch below $108/tonne.

• Iron rose as China's new-home prices gained for a third straight month providing support for steel consumption after a soft start to the building season.
• Further optimism was fueled by China's National Development and Reform Commission which pledged to keep boosting loans to the manufacturing sector.
• Link is here.

Fig 1: SGX Iron Ore

Source: MNI/Bloomberg