•   
  •   

Money Iron ore markets are winding down ahead of Lunar New Year celebrations

12:26  13 february  2018
12:26  13 february  2018 Source:   businessinsider.com.au

Here's a simple explanation for why markets are freaking out

  Here's a simple explanation for why markets are freaking out The simplest explanation for the sell-off in US stocks on Friday is that investors are worried the inflation genie might be out of the bottle. The searing run of US job creation finally has America's labour market at a point where wages are starting to rise more rapidly than anticipated. After the release of the US monthly jobs data on Friday, which showed wages growth rising at 2.9%, Deutsche Bank's chief international economist Torsten Slok released a presentation on Friday which was ominously titled: "US employment outlook: Labour market beginning to overheat.

The May 2018 iron ore contract in Dalian closed at 523 yuan a tonne, giving back ground from levels seen earlier in the session. Trade in Chinese commodity futures will resume at midday AEDT. Lunar New Year celebrations in China will begin from Thursday.

Chinese New Year celebrations will kick off in two week’s time, heralding the start of the week-long Golden Week holiday. It looks like many iron ore market participants have already taken off. Nothing much is happening in either spot or futures markets , seemingly winding down before the holiday’s

  Iron ore markets are winding down ahead of Lunar New Year celebrations © Provided by Business Insider Inc

Iron ore markets are quietening down ahead of Lunar New Year celebrations.

According to Metal Bulletin, spot markets fell modestly across the board on Monday, adding to declines seen on Friday.

The price for benchmark 62% fines slipped 0.3% to $76.24 a tonne, moving further away from the one-month high of $77.32 a tonne struck on Thursday last week.

58% fines fell 0.1% to $43.34 a tonne while ore with 65% Fe content slid by a larger 0.5% to $92.70 a tonne.

a screenshot of a cell phone© Provided by Business Insider Inc

“Most of the mills have already finished their purchases and most traders are on holiday now,” an iron ore trader in China’s port city of Rizhao told Reuters.

Panavision's latest cinema camera has an 8K RED sensor

  Panavision's latest cinema camera has an 8K RED sensor The legendary movie camera company has embraced its rival's tech.Perhaps to combat Arri's stellar reputation for skin tone reproduction, Panavision also unveiled its own "color science" for the camera called Light Iron Color 2. The new system will also appeal to cinematographers who are used to classic Kodak and Fujifilm motion picture films. "Light Iron Color 2 deviates from traditional digital color matrices by following in the footsteps of film stock philosophy instead of direct replication of how colors look in nature," Panavision explains on its website.

While most iron ore market participants are already winding down for holidays, those who continue to trade were buying on Tuesday. Prices have chopped around in recent sessions as market liquidity has dried up ahead of Lunar New Year celebrations in China.

The move in spot markets followed another strong day in Chinese iron ore futures. The May 2018 iron ore contract rallied 2.6%, closing the session at While spot markets will continue trading, Chinese commodity futures markets will be closed over the next week for Lunar New Year celebrations .

The losses followed a quiet session of trade in Chinese futures.

Iron ore prices are grinding higher

  Iron ore prices are grinding higher Iron ore spot markets continue to grind higher, logging a third straight day of gains on Tuesday. According to Metal Bulletin, the price for benchmark 62% fines rose 0.3% to $75.92 a tonne, leaving it at a two-week high. © Business Insider AustraliaSmall gains were also seen across lower and higher grades.58% fines increased 0.5%, closing the session at $43.87 a tonne. Ore with 65% Fe content added a smaller 0.2%, settling at $91.90 a tonne.The modest gains mirrored similar price action in Dalian iron ore futures. require(["inlineoutstreamAd", "c.

Iron ore markets weakened on Thursday amidst thin, holiday-impacted trade. According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.3% to $US80.99 a tonne, leaving it at a one-week Market activity in steel markets was slow on Thursday, perhaps contributing to the declines.

Iron ore spot markets continued to retreat on Friday, undermined by a drop-off in activity and softer sentiment ahead of Chinese New Year celebrations . This stalemate between buyers and sellers was likely exacerbated by many users breaking for New year celebrations , beginning on January 28.

The May 2018 iron ore contract in Dalian closed at 523 yuan a tonne, giving back ground from levels seen earlier in the session. Rebar, coking coal and coke futures also meandered throughout the day, closing at 3,918 yuan, 1,364 yuan and 2,110.50 yuan a tonne respectively.

And, as seen in the scoreboard below, there was very little movement on those levels during Monday's night session.

SHFE Rebar ¥3,908,0.05%
DCE Iron Ore ¥523.50,0.29%
DCE Coking Coal ¥1,355.00,-0.11%
DCE Coke ¥2,108.50,0.12%

Trade in Chinese commodity futures will resume at midday AEDT.

Lunar New Year celebrations in China will begin from Thursday.

The Australian dollar is treading water .
The Australian dollar meandered its way through Monday's trading session with US and Chinese markets on holiday. Here's the scoreboard as at 7.10am AEDT. AUD/USD0.7910,0,0.00%AUD/JPY84.27,0.17,0.20%AUD/CNH4.9875,0.0053,0.11%AUD/EUR0.6374,-0.0002,-0.03%AUD/GBP0.5647,0.0006,0.11%AUD/NZD1.0730,0.0031,0.29%AUD/CAD0.9938,0.0004,0.04%After opening trade at .7910, the AUD/USD hit a session high of .7935 before reversing most of those gains in European trade. As seen in the five minute chart below, it largely flat-lined in North American trade with US markets closed for the President's Day holiday.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!