At over US$130/t, the world’s most traded commodity is trading...

At over US$130/t, the world’s most traded commodity is trading at over six times the cash costs of the world’s largest iron ore producers, portending some staggering profits in next February’s half-year results.Now, another investment bank is emerging to say the bull rally could run even harder, with Citi upgrading its short-term iron ore forecast to US$140/t. They haven’t been that high in well over a year.A big factor is the fact China’s iron ore stockpiles are around 7-year lows, with hopes that the depressed property market which has underpinned concerns for the future of Australia’s largest commodity trade — almost 900Mtpa — could begin its turnaround in 2024.Citi placed a year-end target on iron ore of US$130/t just three weeks ago.