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Trims Gains After Registering Highest Level Since April 19

IRON ORE

SGX Iron Ore Futures have trimmed Friday's gains in early dealing amid thin liquidity on Monday, we sit a touch about the $110/tonne handle and are ~20% above year to date lows registered on May 26.

  • On Friday the contract reached its highest level since 19 April, finishing the week up ~8.5%, as the impact of reports that the Chinese government will take more action to boost the economy continues to linger.
  • Further factors aiding Friday's bid include low inventories, stable steel production and tightness in scrap supply, more here.

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