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Futures Recover After Printing 7-Week Low

IRON ORE

SGX Iron Ore futures printed a 7-week low on Tuesday before recovering as sentiment in the space improved through Tuesday's session.

  • The November contract finished dealing at $111.75/tonne, rising ~2.3% from session lows.
  • Sentiment improved, facilitating the recovery from session lows, after headlines crossed that the Chinese government is considering raising its budget deficit for 2023 as it prepares to launch a new round of stimulus. More here.
  • Earlier in the session the 7-week low was printed as concerns over the Chinese property market continued to weigh. Evergrande scraped a meeting for its restructuring plan whilst Country Garden warned its set for its first ever default.
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