Money Iron ore markets remain choppy and directionless

15:16  16 april  2018
15:16  16 april  2018 Source:   businessinsider.com.au

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In a sign that the meandering price action may be about to come to an end, Chinese iron ore futures posted solid gains in overnight trade on the Dalian The gain came despite downbeat commentary from BHP Billiton on Monday with Australia’s second-largest iron ore producer suggesting that prices

Iron ore spot markets delivered up a proverbial dog’s breakfast on Monday with prices finishing mixed across the grades. The benchmark spot price for 62 The choppy price action in futures provides no clear signal as to what direction iron ore spot markets will move today. Trade in Chinese commodity

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Iron ore spot markets remain choppy and directionless, continuing the price action seen since the start of April.

According to Metal Bulletin, the price for benchmark 62% fines rose 0.8% to $64.96 a tonne on Friday, partially reversing the losses seen in the previous two sessions.

It has traded in a less than $2 range since the end of March.

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Like the benchmark, modest gains were recorded across the grades.

Ore with 65% Fe content added 0.6% to close at $82.20 a tonne. 58% fines rose by a smaller 0.3% to settle at $37.87 a tonne.

The gains in spot markets followed another sharp reversal in Chinese rebar and iron ore futures, this time to the upside.

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Iron ore remains choppy and directionless . David Scutt. These reports will provide readings on iron ore and steel production, along with construction activity, which could prove influential on futures markets later in today’s session.

Iron ore spot markets remain choppy and largely directionless , continuing the pattern seen throughout the month of October. According to Metal Bulletin, the price for benchmark 62% fines fell by 0.7% to a tonne, remaining firmly in the to range seen over the past three weeks.

After closing Thursday's night session at 3,387 yuan, the October 2018 rebar contract in Shanghai rallied 1.6% to 3,452 yuan a tonne.

That strength flowed through to iron ore futures in Dalian which finished up 1.2% at 453.5 yuan, above Thursday's night session close of 446.5 yuan a tonne.

The reversal in futures followed the release of Chinese trade data for March, including news that iron ore imports were almost unchanged in the March quarter compared to the same period a year earlier.

China's General Administration of Customs said imports totaled 85.79 million tonnes last month, leaving total imports over the quarter at 271 million tonnes.

Others put the rebound in futures down to signs that US trade policy might be starting to soften with President Donald Trump asking advisers to reexamine the merits of joining the Trans-Pacific Partnership (TPP).

Whatever the reason behind the push higher in futures, it was not enough to see those gains sustained in overnight trade on Friday with both rebar and iron ore contracts logging modest losses.

Here's the final scoreboard.

SHFE Rebar¥3,438,0.47%
DCE Iron Ore¥450.00,0.00%

Given overnight moves in futures haven't been the best lead indicator of late, the modest pullback offers few clues as to whether spot markets will follow suit today.

Trade in commodity futures will resume at 11am AEDT.

'That's history': Australian dollar has had a week to forget .
The Australian dollar is heading towards 2018 lows as its US counterpart continues to strengthen.The Australian dollar has moved sharply lower over the past week and could fall to fresh 2018 lows against the US dollar if investors continue to bid up the greenback, but senior currency traders remain sanguine about the longer-term outlook for the Aussie.

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