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Fresh Cycle Highs On Friday

IRON ORE

SGX Iron Ore printed fresh cycle highs on Friday as recent gains extended before marginally pairing gains after the stronger than forecast US NFP print.

  • The January contract sits at $135.60/tonne in early trade on Monday.
  • Cycle high of $136.20/tonne was printed as support came as steel mills in China replenish depleted inventories in anticipation of stronger consumption next year (BBG). Chinese imports in November rose back above 100 million tons despite a seasonal lull in building activity, as the sentiment from the Chinese Government's Y1tn stimulus lingers.
  • Technically bulls now target a break of Friday's high which opens the $140/tonne handle. Support comes in at $129.72/tonne.
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