November 06, 2023 22:41 GMT
Futures Consolidating Gains
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SGX Iron Ore futures are consolidating gains, we sit a touch off the highest level since March.
- The December contract finished at $123.50/tonne, a high of $124.00/tonne was printed before gains were marginally pared. We sit ~30% above the lows seen in August.
- Support in the space was seen yesterday as inventory levels in Chinese steel mills fell sharply in late October suggesting that the construction sector activity may be picking up.