goinglong are you ready for a burning? Spot leading futures just as I pointed out earlier - fundamentals will out.
Iron ore is higher with futures pointing to further gains today
David Scutt
May 11, 2016, 7:26 AM
Bucking another severe plunge in Chinese futures, the spot iron ore price pushed higher on Tuesday, stabilising after a near 9% plunge in the previous two sessions.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 27 cents, or 0.5%, to $55.29 a tonne.
It took the year to date increase to 26.8%.
http://edge.alluremedia.com.au/uploads/*/2016/05/MBIOI-62-May-11-2016.jpg
Analysts at Metal Bulletin note that transaction volumes increased markedly during the session, indicating that recent price declines may have enticed buyers back into the market.
Pointing to the likelihood that the spot price may increase again on Wednesday, and that speculative elements in the market are fading, Chinese iron ore futures rose modestly in overnight trade, gaining 0.52%.
There was also a bounce in rebar futures — often seen as a lead indicator for the iron ore contract — which increased 1.65%.
Iron Ore Price, page-7817
-
- There are more pages in this discussion • 12,241 more messages in this thread...
This thread is closed.
You may not reply to this discussion at this time.
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add FMG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$19.55 |
Change
0.050(0.26%) |
Mkt cap ! $60.19B | |||
| Open | High | Low | Value | Volume |
| $19.98 | $20.30 | $19.51 | $184.3M | 9.305M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 2568 | $19.51 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.56 | 44282 | 3 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |