November 20, 2023 22:07 GMT
Fresh Cycle Highs On Monday
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SGX Iron Ore extended recent gains and finished Monday's dealing at a fresh cycle high.
- The December contract finished at $132.70/tonne yesterday, ~9% higher than November's opening levels and ~40% above August lows.
- The lingering impact of the Chinese government's recent stimulus announcements continue to add support to the space.
- Technically we sit well above the 20-Day EMA ($125.04/tonne), the 200-Day EMA comes in at $109.99/tonne. There isn't much in the way of technical resistance ahead of the $140/tonne handle.