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base metals soar

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    Iron ore, base metals soar

    IT WAS a big night for iron ore and base metals, while gold took a hit.

    The Metal Bulletin 62% iron ore fines price jumped 6.6% or $US3.70 to $59.38 per tonne, a tw0-month high.

    The jump came even after the Pilbara Ports Authority reported record annual throughput this week, with 454.2 million tonnes of iron ore shipped through Port Hedland.

    Based on those figures, UBS estimates that BHP Billiton shipped around 257Mt, just below its 260Mt guidance, while Fortescue Metals Group is estimated to have shipped around 170Mt, above its 165Mt target
    Meanwhile, nickel jumped by another 4.4% to $10,448/t, its highest point since late October.

    Lead, copper and zinc were up by more than 2.5% each, with the latter hitting a 13-month high.

    The gold price took a hit as the S&P 500 and Dow Jones Industrial Average hit new records on an improved growth outlook.

    Spot gold was last sitting at $1334 an ounce, or $A1751/oz.

    The Australian dollar remained above US76c, and the SPI 200 Futures index was up 30 points.
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