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Extends Recovery on Thursday

IRON ORE

SGX Iron Ore futures extended their recovery on Thursday, the contract had fallen ~8% from its mid September highs.

  • The October contract finished dealing at $119.55/tonne yesterday up ~2.5% and has unwound the majority of Monday's losses when the contract had its weakest day since May.
  • Demand ahead of the Chinese Golden Week holiday added a level of support to the space yesterday, markets in China are now closed until 9th October. Improving risk sentiment, as US Tsy Yields fell, saw gains extend through the NY session.

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