DJ MARKET TALK: Atlas Iron Up 6% After Iron Ore Price Jump - BBY...

DJ MARKET TALK: Atlas Iron Up 6% After Iron Ore Price Jump - BBY

0052 GMT [Dow Jones] Atlas Iron (AGO.AU) jumps 6% to A$0.97 on short-covering after spot iron ore rose 1.5% to US$130, the first rise in 3 weeks, on the back of firmer steel prices. "Asian hedge funds are taking profits and cutting losses very quickly," says BBY institutional trader Anson Rosewall. "That makes me thinks that something like Atlas Iron, if it climbs above a key level like A$1.00, a lot of the shares sold short could be covered pretty quickly." China's April trade data today may be a catalyst for the resources sector overall. Atlas shares hit a 4-year low of A$0.80 last month as iron-ore prices fell. ([email protected])