This chart below has yet to be updated for the -1.8% drop but a look at it suggest an imminent break of its long term uptrend trajectory from 2016, and it appears quite likely $100 iron ore price would be tested ahead as China winds down its stockpiling.
China is about over accumulating Gold and ditto for copper and iron ore, and the resource rally takes a more 'permanent' dive.
The scenario that would reinforce commodities winter would be a more benign US CPI coupled with the Fed's decision to stay the course for Higher for Longer rates.
