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Holding Above $130/Tonne Handle


SGX Iron Ore ticked lower in Sundays dealing however the pressure was modest and we sit well within recent ranges. The December contract is holding above the $130/tonne handle.

  • Sunday's trade finished at $131.65/tonne, we sit ~2.5% below last week's cycle highs.
  • Late in Friday's session the NDRC, Ministry of Transport and State Administration of Market Regulation met with port operators regarding iron ore inventory, storage, loading and unloading charges (BBG). They plan to strengthen iron ore supervision at ports and will against hoarding and speculation of iron ore using cheap venues.
  • Technically the metal remains in a firm uptrend, bulls target a break of cycle highs ($135.05/tonne) to get the $140/tonne handle. Support comes in at $130/tonne and the 20-Day EMA ($127.78/tonne).

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