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Futures Firm On Wednesday

IRON ORE

SGX Iron Ore futures firmed on Wednesday, the first gain in 4 sessions, moves were modest and we remain well within recent ranges.

  • The January contract finished dealing at $134.35/tonne, we sit ~1% below Decembers cycle highs.
  • Support was seen in the space yesterday as the Securities Times noted that Chinese government will ramp up fiscal and monetary policy support for the economy in the new year (BBG).
  • A reminder that technically we are in an uptrend, bulls target a break of cycle highs ($136.35/tonne) which opens the $140/tonne handle. Support is at the 20-Day EMA ($131.91/tonne).
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