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Trims June's Gains After Goldman Chinese Property Warning

IRON ORE

SGX Iron Ore Futures fell ~3.3% on Monday their first fall since May 30 trimming Junes gains to ~12%.

  • The contract has fallen below the $110/tonne handle and is marginally pressured in early trade on Tuesday last printing at $108.40/tonne.
  • Goldman Sachs noted that they expect an "L-shaped" recovery in the Chinese property sector, and property weakness will likely be a multi year growth drag. More here.

Fig 1: SGX Iron Ore vs CSI300 Real Estate Index

Source: MNI/Bloomberg

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