Futures prices iron ore have climbed on Monday to their highest level in nearly two weeks. Optimism as to the easing of trade tensions between China and the United States, the two largest economies in the world, prevails over concerns about demand in China, the main consumer country.

The main Chinese economic officials and Americans on Sunday drew up the framework for a trade agreement on which the US President Donald Trump and Chinese President Xi Jinping will have to pronounce later this week.

The most traded iron ore contract in January on the Chinese stock exchange Dalian Commodity Exchange (DCE) closed the day up 1.94% to 786.5 yuan (110.42 dollars) per metric ton, its highest level since October 15.

At 07:02 GMT, the price of November's iron ore benchmark on the Singapore Stock Exchange jumped by 1.3% to 105.55 dollars per ton, the highest since October 15