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Futures Print Fresh Cycle High

IRON ORE

SGX Iron Ore Futures printed a fresh cycle high on Thursday breaching the $122/tonne handle.

  • The December contract finished dealing at $122.35/tonne, the highest close since mid-March. We now sit almost 30% above lows seen in mid August.
  • Sentiment in the metals space improved after the latest FOMC rate decision added a fresh level of support.
  • On the technical front we continue to tick away from the 20-Day EMA ($116.44/tonne). 2023 highs comes in at $124.19/tonne, the next resistance level is $129.35/tonne a Fibonacci projection.

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