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Futures Highest In Two Weeks

IRON ORE

SGX Iron Ore futures sit at their highest level since 30 June, continued optimism of further economic aid for the Chinese property sector and improving risk sentiment saw the contract extend gains on Thursday.

  • The August contract closed at $111.95/tonne and now sits ~8% above Monday's closing levels. Gains have been capped above $112 since mid-June, the handle presents a key level for bulls.
  • On the demand side Hongye Futures noted that steel mills are more active in purchasing cargoes as high production and low inventories support demand, more here.

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