Assore, Kumba gain on higher prices

Comment on this story
Kumbaironore INDEPENDENT MEDIA Kumba's profit has fallen. Photo: Simphiwe Mbokazi.

Johannesburg - Shares in South African iron ore producers Kumba and Assore rise in tandem with iron ore futures, which hit six-week highs amid optimism Chinese demand will remain firm after a sustained drop in stockpiles since the start of March.

Kumba shares trade 2.3 percent higher at 387.47 rand, making it the biggest gainer on the Top-40 index, which was up 0.21 percent. Assore adds 2.15 percent to 414.50 rand.

The most-active September iron ore contract on the Dalian Commodity Exchange rose 3.1 percent to settle at 825 yuan per tonne, after peaking earlier at 833 yuan, a level last seen on February 24. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines