Iron-ore back above $70, but outlook shaky

Iron-ore recovered to trade above $70 a tonne after a drop to 5-1/2-year lows encouraged some buyers of spot cargoes in China, although the longer-term outlook for the commodity remains hazy amid a supply glut and weak Chinese property sector. "It is difficult to identify any factors that are supportive of iron ore prices in the near term," Atul Lele, chief investment officer at investment firm Deltec International Group, said in a report.