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Largest Daily Gain Since May


SGX Iron Ore rose ~4.5% yesterday, this was its largest daily gain since May and the contract sits a touch off its highest level in 2 weeks.

  • The September contract close dealing at $105.35/tonne, we do remain well with the $100-110/tonne range seen late July.
  • Uncertainty over how much steel mills would cut steel output by, as feedback from Chinese mills has varied, as well as improving onshore risk sentiment in China helped support the metals space. More here.

Fig 1: SGX Iron Ore

Source: MNI/Bloomberg

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