Verdict:
• Short-run Neutral.
Macro:
• US JOLTS job openings fall to 8.059 million in April, est. 8.34 million.
Iron Ore Key Indicators:
•Platts62 $106.80, -2.85, MTD $108.23. The buyers of mid-grade iron ore concentrates were back after two-week drop on the prices. There were two fixed trades of NHGF traded as well as two float basis MACF traded. However traders believed the discount of MACF around $4.9- 5.1 on July Index was too high.
SGX Iron Ore 62% Futures& Options Open Interest (Jun 4th)
• Futures 114,083,700 tons(Increase 700,400 tons)
• Options 154,693,700 tons(Increase 1,054,000 tons)
Steel Key Indicators:
• CISA: China mid-May crude steel production 2.43 million tons/day, up 1.75% from early May.
Coal Indicators:
• As the looming of July, FOB Australia coking coal market saw many Indian end-users. The supply of July yet to catch up with orders. The bids on globalCOAL went up for several times during past three days for PMV coking coal. The current bid was $247/mt.
