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Futures Firmer On Tuesday, Vale Beats Production Estimates

IRON ORE

SGX Iron Ore futures pared Monday's losses in yesterdays trading, however recent ranges were respected as the August contract rose ~1%.

  • Futures firmed after the Chinese Securities Journal reported that the RRR is likely to be cut again, as hopes for more stimulus underpin price rises.
  • Inventories at Chinese ports fell last week and sit at the lowest level since late 2020.
  • Vale, the worlds 2nd largest Iron Ore supplier, produced more ore than expected in Q2 adding further supply pressure to the market. Vale produced 78.7 million metric tons in the second quarter, topping the 75.5 million-ton average estimate, more here.

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