Iron ore price, page-2877

Evolon, it's hard to guess what IO Future will do ATM, this morning I got 2 "outlook" report from 2 "IO Future Expert" today, one said IO future will head past 600 yuan today, the other said "short" IO Future between 580 to 590 yuan. Obvious in hindsight, the 2nd expert was right. But who knows, the first might be right tomorrow and IO Future go pass 600 yuan.

Today, IO (Iron Ore), SR (Steel Rebar), J (Coke), JM (Coking Coal) have combine outflow of fund totaled 1.27B yuan, basically the hot money was in Friday and got out today. So we pretty much back to where we were on Friday. On Friday, IO Future had a low of 568.50 yuan.

Last week, IO future followed Coke and Coking Coal down, down from high of 609.5 yuan to low of 543 yuan. If you look at spot benchmarks, it hardly moved:

Platts 62%
- 25/8: US76.85
- 28/8: US76.55
- 29/8: US75.95
- 30/8: US75.55
- 31/8: US77.10

Spot had a higher volume than the week before, so it's price were pretty firm despite the up and down in IO Future.

Most funds/banks are long commodities now, and outlook for IO have been upgraded lately, surely they will get it right for once, hehe.

DYOR.

Frank.