It’s funny how Iron Ore price falls seem to get all the headlines but when it rallies – radio silence.
So, in the interests of balance, here is a chart of the September 62% FE Iron Ore swap futures contract. http://edge.alluremedia.com.au/uploads/*/2014/06/Iron-Ore-26062014.pngPicture: Barchart.com
Iron Ore at $95.13 this morning is up 7.29% off the recent low and has broken a three-month downtrend.
It’s a solid bounce and if it can get through the recent high at $95.77 a tonne then the outlook might have changed and a bottom might be in place.
Time will tell.
AJM Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
