Verdict – Short-term neutral.
DCE iron ore September decreased positions massively since this is the last trading day for individual clients before entering delivery month at sep contract. The fall of September contract indicated there is no delivery profits for September buyers after market pushed high earlier today. At the same time, jan contract is potentially restricted on roof areas if September contract freeze on its value. Technically iron ore intraday long upper shadow indicated buyers are mostly intra-day traders. A strong rebound needs confirm after breakthrough today’s high at 659.5. Otherwise iron ore consolidate in high level from technical views. Be aware of faked breakthrough.
The first support is 807.5. The first resistance is 859.5.