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Fresh Cycle High On Wednesday


SGX Iron Ore printed a fresh cycle on Wednesday as November gains extended yesterday, the contract ticked away from session highs after the latest round of US data through NY alongside an uptick in US Tsy Yields.

  • The December contract finished dealing at $133.00/tonne, ~1.5% below the cycle high of $135.00/tonne printed early in yesterday's European session.
  • Sentiment in the space 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.
  • Gains have been seen despite the onset of seasonal conditions which typically slow construction, and new home sales in four tier one cities falling further.
  • China’s NDRC met futures traders yesterday reiterating its stance against speculation in the market (BBG). This followed the NDRC sending personnel to the Dalian Commodity Exchange a week ago to explore strengthening market supervision.

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