Free Trial

Trims Recent Gains On Monday


SGX Iron Ore was pressured on Monday trimming some of its recent gains and printing the lowest level since 6 Dec before paring losses.

  • The January contract finished dealing at $131.90/tonne, ~3.5% below the mid-December cycle highs.
  • Iron Ore was pressured in early trade yesterday as participants digested Friday's Fedspeak and associated wind back in FOMC rate cut pricing. Support was seen below the 20-Day EMA ($131.37) and losses were pared with narrow ranges persisting for the remainder of the session.
  • Despite yesterday's downtick the metal remains in a technical uptrend, bulls target a break of the high from 12 Dec ($136.35/tonne) which opens $140/tonne handle. Support is at the 20-Day EMA and the $130/tonne handle.

To read the full story



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.