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Fresh Cycle High On Tuesday

IRON ORE

SGX Iron Ore printed a fresh cycle high on Tuesday, extending Novembers impressive gains.

  • The December contract finished at $133.90/tonne, ~2% higher yesterday. We sit ~10% higher than November's opening levels.
  • Sentiment in the space was boosted by Chinese media noting that funds from the 1TN yuan debt issuance announced by the Chinese government last month should be disbursed into construction projects and allocated in a timely manner (BBG).
  • Technically we sit well above the 20-Day EMA ($125.93/tonne), the 200-Day EMA comes in at $110.27/tonne. There isn't much in the way of technical resistance ahead of the $140/tonne handle.
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