FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rebound Close To Late June/July Bounce In Percentage Terms, Broader Metal Gains Helping

IRON ORE

The active iron ore contract has continued to recover in the first part of Tuesday trade. We were last at $101.65/ton just off session highs ($101.85/ton). This puts the correction from recent lows beyond 10%. Interestingly, the late June to early July correction was of similar magnitude (albeit based at higher levels). This bounce ran out of steam with a +11% gain.

  • The current episode looks to reflect positive spill over from gains elsewhere in the metals space, which are also up strongly from recent lows.
  • Receding global recession fears are a positive in this context. Onshore positives are from further rises in local steel futures, while carry over from lower inventory levels at China ports (from the end of last week) may also be helping sentiment.
  • China profits data was firmer earlier, although onshore equities remain weak. Property sub-indices are threatening fresh multi month lows.
  • The next local data focus will Saturday's official PMI prints for August.
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesBulletMarketsEmerging Market NewsForeign Exchange Bullets
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.