Iron futures reach two-month highs in China, may draw bids for AUD

Iron ore futures listed on China-based Dalian Commodity Exchange reached two-month highs on Tuesday, extending its recent bull run. 

The most active contract traded at 836 per tonne, the highest level since mid-September, as noted by David Scutt, anchor at ausbiz.com.au. 

Iron ore is one of Australia's top exports. As such, the rally in iron ore prices often bodes well for the Aussie dollar. 

The AUD/USD pair is currently trading at 0.7282, representing marginal gains on the day. The currency pair has rallied from 0.6991 to 0.7340 in the past six trading days.