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Pressured As Stimulus Hopes Wane, Recovers Above $110

IRON ORE

SGX Iron Ore futures were pressured on Thursday, hopes over big-bang, infrastructure-heavy stimulus from the Chinese authorities are waning pressuring the metal.

  • Futures fell ~3% yesterday as sentiment turned sour, before marginally paring losses to recover above the $110/tonne handle. The September contract closed at $110.10/tonne.
  • We sit ~4.6% below Wednesday's high, however remain comfortably above the low from July 10 and year to date lows in May.

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