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Firmer On Monday, Remains Within Recent Ranges

IRON ORE

SGX Iron Ore futures firmed from session lows on Monday as details emerged from the anticipated Chinese politburo meeting. The politburo noted it will enact plans to resolve local government debt issues as well as increase support for the property market.

  • The August contract rose ~2% from trough to peak before marginally paring gains in thin trade into the close, finishing at $113.80/tonne.
  • Futures remain well within recent ranges, a $110-115/tonne has persisted for the most part since mid July. Iron Ore is consolidating gains which saw the contract rise ~25% from its year to date lows in May.

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