What's happening: China's benchmark iron ore futures rallied an eye-popping 10% to a record high on Monday. Outside China, the economic situation is also looking "more optimistic," putting a strain on iron ore supplies. Additionally, there are strong incentives for factories in China to ramp up steel production, which requires iron ore, Patterson told me. The explosion in iron ore prices comes amid a broader metals boom. "We're seeing a lot more speculative and investor money coming into the iron ore market and the broader commodities complex," he said.

Source: CNN May 10, 2021 12:00 UTC