Iron ore continues to hold as per below...not sure why anyone would be selling their shares at these prices but it looks like the stock is on sale again...all fundamentals in relation to the stock are extremely positive at the moment....I topped up my holding again today but with IO price climbing you'd be a fool to continue shorting or selling out at these levels I'd say there will be a short covering rally coming any day now and with the first half results just over a month away and getting closer I'd expect further debt reduction announcements which will boost the stock.
Spot 63.5% iron ore prices up further on increased buying
December 03, 2013 - 09:40 GMT Location: Shanghai
KEYWORDS: 63.5% Fe Indian fines , Global Ore , Vale
China’s imported iron ore market strengthened on Tuesday December 3 amid higher-priced cargoes sold on Global Ore and robust trading activity.
Spot 63.5% Fe Indian ire ore prices were assessed at $137-139 per tonne cfr China, up $1 per tonne from Monday’s range. “The wait-and-see approach by market participants doesn’t seem to be changing. Right now, some mills are replenishing their stocks, which are kept at lower levels than last year,” a trader in Beijing said. “Mills prefer to buy cargoes that are just about to arrive, which minimises the risk of prices falling before their arrivals."
oversold?, page-10
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