SINGAPORE: Prices of iron ore futures surged on Wednesday to their highest levels in more than three weeks, as a fresh batch of monetary easing policies from top consumer China boosted market sentiment, while lower global supply also lent support.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 4.19% higher at 709 yuan ($101.02) a metric ton.

The contract hit an intraday high of 730.5 yuan, its strongest level since Sept. 2.

The benchmark October iron ore on the Singapore Exchange was 1.7% higher at $96.35 a ton, as of 0710 GMT.

Iron ore futures rallied on hopes the measures to support China’s real estate market would turn around its fortunes, ANZ analysts said in a note.