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Hits Fresh Multi Week Highs, Testing Key EMA Resistance

IRON ORE

The active iron ore contract sits just under session highs, last around $109.65. Earlier we got to $110.20, fresh highs back to early June. The 50-200 EMAs are clustered between current levels and near $111/ton.

  • Sentiment remains positive, although property stock indices haven't rallied further after Monday's strong surge. Onshore media highlighted property market sales gains, this time for Shanghai, although this city has arguably remained a positive outlier amidst the weaker onshore property backdrop.
  • Focus will rest on the upcoming plenum meeting for signs of further support for the local property market.
  • Copper is also higher, stabilizing after the sharp June pullback, which is another marginal positive for iron ore.
  • Onshore steel prices are also ticking higher for hot rolled coil and rebar, although we are only modestly above recent lows.
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