Dalian session high of 841 was reached twice last night before closing at 831. 841 likely to be retested today or tomorrow so that the IO price may breach $155 before peaking.
On the other hand, Metalbulletin and MySteel commentaries already indicate physical buying has weakened. If this weakness is sustained then it's likely to be traders doing knee jerk buying earlier after the massive IO price plunge in August.
Seaborne physical trades is the only indicator to verify if BHP's dire warning has merits. By 6 Sep, a clear trend will emerge to show if this mid $150s consolidation is sustainable or be the beginning of the next plunge.
Fingers crossed.
Iron ore price, page-36101
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Last
$19.76 |
Change
-0.220(1.10%) |
Mkt cap ! $60.84B | |||
| Open | High | Low | Value | Volume |
| $19.66 | $19.80 | $19.20 | $191.1M | 9.763M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4673 | $19.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.76 | 31740 | 2 |
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| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |