Rising supplies set to undermine iron ore price rally

Chinese import price for 62% iron content fines at the port of Qinqdao rose 6.7% to $59.38 a tonne, the largest one-day percentage increase since April 21.

Study shows there are more bullion miners among higher market capital ranking of mining companies in second quarter of 2016 than a year a go.

Dept of Industry says loss-making mines are staying open for longer than expected aggravating oversupply.

Red metal production at the copper-uranium mine is expected to hit around 230,000 tonnes by 2021, but there is potential for up to 450,000 tonnes per year.

Recent upticks in the price of iron ore will turn out to be shortlived, and the price will likely drop from here, according to an analyst whose contrarian view was aired on Business Insider.

Energy had an impressive comeback in Q2, with natural gas and oil being the best performing commodities of the quarter.

The price increase comes as iron ore major Rio Tinto decided to put its Simandou project in Guinea on ice due to the iron ore glut that is keeping a lid on prices.

Iron ore advanced to a 5-week high of $53.40 on Tuesday, but analysts see steep decline in the final quarter of 2016.

It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.