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Trims Recent Gains On Monday

IRON ORE

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.
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