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Futures Consolidate On Tuesday

IRON ORE

SGX Iron Ore futures consolidated between the 20-Day EMA ($127.62) and the $130/tonne handle on Tuesday.

  • The November contract finished at $129.25/tonne, and sits ~10% above November's opening levels and ~3% off cycle highs.
  • Concerns still remain over the strength of the Chinese economic recovery, the CSI 300 printed its lowest level since February 2019, and the slow winter building season as weather deteriorates continues to weigh on metals sentiment.
  • Vale's CEO, the world's 2nd largest producer, noted yesterday that China can't control the price of Iron Ore (BBG). China Mineral Resources Group, created last year to make purchases for China's steel industry, recently noted iron ore prices as too high and called for an improved pricing system.
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