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Fresh Cycle Highs


SGX Iron Ore futures printed a fresh cycle high on Tuesday, breaching the $140/tonne handle before marginally paring gains.

  • The January contract finished dealing at $139.10/tonne, sitting an impressive ~32% above the October low.
  • Support was seen in the space as Chinese steel mills restock inventories ahead of the Lunar New Year Holiday.
  • Technically the uptrend remains firmly intact, bulls focus on breaching yesterdays high ($140.70/tonne) which opens the $150/tonne handle Support comes in at the 20-Day EMA ($134.50/tonne).

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