Iron ore price rallies on China fundamentals, but cap looms

China's manufacturing sector activity contracted at a sharper pace in December as surging infections disrupted production.

The most-traded May iron ore on China's Dalian Commodity Exchange, DCIOcv1, ended the session up 2.8% at $124.14 a tonne.

According to Reuters data, platinum is by far the best-performing precious metal in 2022.

Industrial metals and iron ore are on track to finish in negative territory.

Chinese EV makers are working to lower their carbon footprint in anticipation of growing pressure from overseas consumers to decrease emissions.

Factory activity is expected to have extended declines in December, a Reuters poll showed on Friday.

Spikes in covid-19 cases and the Lunar New Year holiday are expected to dampen metals demand in China.

Sinomine ’s chairman sees lithium carbonate prices dropping to about $57,443 a ton in 2023.

Any way you slice it, 2022 was a turbulent year, from Russia’s invasion of Ukraine to historic inflation and jumbo rate hikes to multiple failures in the digital asset space.