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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
IRON ORE
SGX Iron Ore futures rose ~0.7% yesterday, gains have extended in early dealing today and the contract sits at its highest level since 19 April.
- The lingering impact of the Chinese 7-Day Reverse Repo cut as well as reports of a broad stimulus package for the property sector has boosted sentiment. Daily steel output at major Chinese mills jumped 6.5% in early June. More here.
- Futures now sit at $113.35/tonne, extending gains to ~24% above the lows seen on May 26 and have recovered to sit a touch firmer year to date.
Fig 1: SGX Iron Ore Futures
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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