BEIJING (Reuters) - Iron ore futures prices rose on Monday, hitting their highest in nearly two weeks, as optimism about easing trade tensions between China and the United States, the world's two largest economies, outweighed concerns about demand from the main consumer.

On Sunday, top Chinese and U.S. economic officials outlined the framework for a trade deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week.

Trump said the U.S. and China are ready to "walk away with" a trade deal.

The most-traded January iron ore contract on the Dalian Commodity Exchange ended daytime trading up 1.94% at 786.5 yuan ($110.42) per metric ton, the highest since October 15.

A wave of production restrictions in northern China, including the major production hub of Tangshan City, has raised concerns about demand for the key ingredient in steelmaking, further limiting the potential for price increases.

Tangshan City will launch a Level 2 emergency response starting Monday amid forecasts of worsening air pollution, it announced on its WeChat account late Sunday.

Local steel mills are required to reduce production during these emergency measures.

Source: Notícias Agrícolas