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Steady On Tuesday

IRON ORE

SGX Iron Ore futures were steady on Tuesday, dealing in a narrow range as the January contract consolidated above $130/tonne.

  • Dealing finished at $135.50/tonne, we sit ~26% above the October low and ~3.5% off recent cycle highs.
  • Technically we remain in a strong uptrend. Bulls target a break of cycle highs ($136.35/tonne) which opens the $140/tonne handle. Bears immediate focus is on the 20-Day EMA ($131.52/tonne) and the $130/tonne handle.

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