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Iron ore futures surged more than 10% and copper extended its record run amid increasing bets they will be among the biggest winners from a commodities boom that is stoking concerns about inflation around the world.

While analysts struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several trends including optimism that central banks will retain supportive policies even as the global economy recovers. Expectations that China will tighten environmental rules have added to the bull case for copper — seen as vital to the green energy transition — and fuelled speculation that steelmakers may front-load iron ore purchases before new curbs kick in...

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