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Futures Strongest Gain In A Month

IRON ORE

SGX Iron Ore futures had their strongest day in a month on Wednesday rising $3.33/tonne after Reuters reports that China is set to approve ~1TN Yuan sovereign debt issuance in an effort to stimulate infrastructure spending.

  • The November contract finished dealing at $116.50/tonne, we remain well within recent ranges as the $110-$120/tonne range persists. On the technical front the 20-Day EMA ($115.00/tonne) was breached yesterday signalling scope for more potential upside moves.

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