Verdict – Short-term neutral.
DCE iron ore consolidate in narrow range, open interest continuously exhaust. Iron ore trading range stuck in 737 – 748.5 area for current four trading days. The bigger range from 733.0 to 752.0. Iron ore will keep consolidating if fail to breakthrough the current range. Be aware of Friday games, iron ore tend to push up by Friday afternoon and then give back all gains by following Monday.
The first support is 730.5. The first resistance is 752.0