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Futures Highest Since March

IRON ORE

SGX Iron Ore Futures have broken above the $120/tonne handle, printing the highest level for the metal since mid-March.

  • In early trading on Wednesday we sit at $122.15/tonne, the metal is now ~27% above mid-August lows.
  • The space looked through yesterday's weaker-than-forecast Mfg PMI in China as last week's stimulus announcement from the Chinese government continues to linger. Citi noted that the absence of "any meaningful steel production cuts" is also adding a layer of support.
  • On the technical front we remain well above the 20-Day EMA ($117.27/tonne), the 200-Day EMA comes in at ($108.77/tonne).
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