Iron ore futures traded above $120 per tonne, not far from an over six-year high of $127.5 hit on September 8th, amid optimism surrounding China’s economic recovery. China held its benchmark lending rate for corporate and household loans at 3.85% for a fifth straight month, while President Xi Jinping said on Saturday that the world’s second-largest economy remains resilient and that Beijing still has room for further stimulus if needed. Elsewhere, Brazilian federal prosecutor Edison Vitorelli warned that iron ore mining giant Vale has failed to comply with a number of commitments signed with authorities to prevent another mining disaster. Still, rising COVID-19 cases could hit market sentiment in coming weeks.