Iron ore prices back above US$120 after biggest retreat in a year

Mining in Brazil is centered on the extraction of iron (the second-largest iron ore exporter), copper, gold, aluminum, manganese, tin, niobium , and nickel. 

RIO DE JANEIRO, BRAZIL - Iron ore, one of Brazil's main exports, surpassed US$120 per ton and accelerated its recovery after hitting its lowest level in more than a year. With the prospect of rising inventories at steel mills ahead of a long holiday in China, investors bet on the commodity again.

Futures for the commodity in Singapore rose as much as 9% on Monday, 27, on expectations of higher inventories after the slowdown in the Chinese summer. Chinese mill profits advanced to the highest level since May, according to a Bloomberg Intelligence gauge.

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