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Fresh Cycle Highs On Thursday

IRON ORE

SGX Iron Ore futures printed a fresh cycle high on Thursday, firming through the session to close at its highest level since April 2022.

  • The January contract finished dealing at $137.70/tonne.
  • In China yesterday the state-owned Securities Times noted that the Chinese government expected to add to its fiscal stimulus next year (BBG), which added a layer of support to the space.
  • On the supply side, ore shipments from Port Hedland fell in November to ~45 million tons, down from ~47 million tons in the prior month.

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