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Futures Consolidate Recovery


SGX Iron Ore futures have consolidated their recovery of last weeks lows, ranges were narrow for the most part yesterday.

  • The November contract finished dealing at $118.35/tonne, rising ~1% yesterday. We now sit ~8.5% above the low from Oct 10, however the metal is well within the $110-120/tonne range which continues to persist.
  • Vale, the second largest Iron Ore producer, reported a thirds quarter decline in output of the metal as demand concerns from it's top buyer China weigh. More here.

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