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Futures Print Highest Level Since Early April

IRON ORE

SGX Iron Ore futures printed their highest level since early April on Friday, before maringally paring gains. In early dealing on Monday we sit a touch below opening levels.

  • The August contract prints at $114.00/tonne, the contract rose ~4% on Friday finishing the week ~6% higher, the biggest weekly gain since early June.
  • On Friday there was growing optimism over more stimulus for the Chinese property sectroy. PBOC Dep Gov Liu Guoqiang noted in remarks that monetary policy would be targeted and forceful. More here.
  • Steel stockpiles at major Chinese mills were 12% lower in early July from the year before, according to data from China Iron and Steel Association.

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