Copper and iron ore prices have started the year well even as the US dollar index and government bond yields surged. Iron ore, which is used in the steell manufacturing industry, soared above $100 a ton,

Rio Tinto Group, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lackluster and production at some mines declined.

The Australian Government's commodity forecaster is expecting further weakness in iron ore, strength in uranium and elevated gold prices.