Free Trial

Futures Rise Above $130/Tonne

IRON ORE

SGX Iron Ore Futures rose above $130/tonne on Wednesday, printing its highest level in 2 weeks before paring gains in late trade.

  • The January contract finished at $131.10/tonne, we sit ~2% below cycle highs and an impressive ~25% above the October lows.
  • Falling US Tsy Yields has boosted sentiment in the space, with gains extending after a soft ADP Employment Report in the US on Wednesday. Gains of as much as 3.3% were trimmed into the close as Oil and US Equities ticked lower.
  • Technically the uptrend is firmly intact, bull target a break of cycle highs ($133.50/tonne) which opens the $140/tonne handle. Bears first look to break the 20-Day EMA ($128.15).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.