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Futures Extend Gains

IRON ORE
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SGX Iron Ore Futures marginally extended recent gains in Tuesday's trading, we now sit ~20% above August lows.

  • The October contract finished dealing at $116.50/tonne rising ~1.5% yesterday. This is the contract's highest close since early April.
  • Sentiment in the space improved yesterday as Country Garden avoided a default, the Chinese developer told creditors that it had paid coupons on two dollar bonds within grace periods, after missing an earlier deadline.
  • Shenyang became the latest Chinese city to scrap home-buying curbs and relax mortgage restrictions, following a crop of other property-boosting policies from Beijing. More here.
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SGX Iron Ore Futures marginally extended recent gains in Tuesday's trading, we now sit ~20% above August lows.

  • The October contract finished dealing at $116.50/tonne rising ~1.5% yesterday. This is the contract's highest close since early April.
  • Sentiment in the space improved yesterday as Country Garden avoided a default, the Chinese developer told creditors that it had paid coupons on two dollar bonds within grace periods, after missing an earlier deadline.
  • Shenyang became the latest Chinese city to scrap home-buying curbs and relax mortgage restrictions, following a crop of other property-boosting policies from Beijing. More here.