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Erases Early Losses, NDRC Looks To Increase Market Supervision


SGX Iron Ore futures were pressured early in yesterday's Asian session, China's NDRC noted it would increase supervision and crack down on illegal activities (BBG). Last week the NDRC had sent personnel to the Dalian Commodity Exchange last week to explore strengthening market supervision.

  • Losses were erased through the session as sentiment remains strong in the space and the December contract finished at $132.65/tonne.
  • Iron Ore continues to be supported by the Chinese government's stimulus pledges, which includes 1TN yuan debt issuance for financing for urban village renovation and affordable housing.
  • Technically the uptrend in SGX Iron Ore is firmly intact, bulls target a break of cycle highs ($135.05/tonne) which opens the $140/tonne handle. Support comes in at the 20-Day EMA ($127.26/tonne).

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