China's central bank cuts interest rates on Friday

Shanghai and Shenzhen to lift key home purchase curbs

Singapore iron ore well above $100/t

Dalian benchmark jumps more than 4%

Iron ore futures prices rallied for a fourth straight session on Friday and eyed aweekly gain of over 10%, underpinned by fresh interest rates cuts in top consumer China and expectations of morefiscal and property stimulus.

The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 4.38%higher at 750 yuan ($106.94) a metric ton, its highest level since Sept. 2. The contract has jumped 12.2% so far this week.

The benchmark October iron ore contract SZZFV4 on the Singapore Exchange jumped 3.38% to $101.85 a ton, as of 0730 GMT, and has risen 13.8% this week. It hit its highest since Aug. 7 at $103.1 a ton earlier.

On Friday, China'scentral bank announced a cut in thereserve requirement ratio (RRR) -the amount of cash that banks must hold as reserves -the second reduction this year aimed at bolstering faltering economic growth.

It also lowered seven-day reverse repurchase agreements CN7DRRP=PBOC, effective from Friday.

Additionally, China's pledge to deploy "necessary fiscal spending" to meet the 2024economic growth target of roughly 5% raised market expectations for fresh fiscal stimulus.

China also plans to issue 2 trillion yuan ($285.2billion) of special sovereign bonds as part of fresh fiscal stimulus.

These measures have boosted sentiment for commodities including iron ore.

Analysts ascribed the aggressive stimulus package to mounting pressure to achieve the country's annualgrowth target, following a string of disappointing economic data, particularly in the third quarter.

Meanwhile, the cities of Shanghaiand Shenzhen plan tolift key remaining restrictions on home purchases to attract potential buyers, potentially spurring demand for steel as well as iron ore.

Other steelmaking ingredients on the DCE climbed to multi-week highs, with coking coal DJMcv1 and coke DCJcv1 up 4.86% and 4.02%, respectively.

Most steel benchmarks on the Shanghai Futures Exchange also logged gains. Rebar SRBcv1 rose 2.58%, hot-rolled coil SHHCcv1 added 2.94%, stainless steel SHSScv1 edged up 0.63% while wire rod SWRcv1 shed0.17%.

($1 = 7.0134 Chinese yuan)

Source: Reuters