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Future Print Fresh Cycle Highs

IRON ORE

SGX Iron Ore futures sit a touch off fresh cycle highs as the gains seen since mid-August continue to extend.

  • The December contract sits at $128.15/tonne, an impressive 35% above the August low.
  • Sentiment in the space received a boost on Friday as sixteen Chinese cities have removed maximum price limits on land auctions, which should help boost investment (CSJ). The demand outlook has been aided by weak inventories at mills and port stockpiles are a fifth of 2022 levels.
  • On the technical front we continue to tick away from the 20-Day EMA ($120.58/tonne), the 200-Day EMA comes in at $108.46/tonne. The $130/tonne handle has remained intact since April 2022 and is the next target on the upside.
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