Iron ore futures advanced on Wednesday as investors gauged over short-term iron ore supply. On one hand, Australian miners have been going flat out and the country may be shipping in record volumes. According to initial tally compiled by Bloomberg, shipments from Australia were up by 3.2 million tonnes in May year-on-year to 79.7 …
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Iron ore consolidation points to potential reversal
Ferrous Sector Money-flow: DCE iron ore aggregated open interest reached a high at 1.18 million lots on February 21 as well as creating periodic high, following a correction of 19.26%. The open interest high last week was 1.15 million lots. Long positions need to be aware of the similar correction happen for the second time …
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Iron Ore Seen Gripping On to Surge Before Eventual Descent
Iron ore’s surge, with its latest jump to three-digits, is set to persist in the short term powered by supply concerns, before a market surplus in the second half spells a decline for the steelmaking material. Physical spot ore surged to $101.05 a ton on Friday, the highest since August, according to Mysteel Global. Elevated steel …
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China’s speedy recovery boosts PMIs in May
When China sneeze, the world catches cold, as the saying goes. However, if China economy recovers, how will the global market react? Once again, there were signs of recovery for the country’s economic after it was heavily embattled by the coronavirus pandemic earlier this year. In May, both the official and private Purchasing Manufacturing Index …
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Shine, shine, shine a light
We are seeing History in the making when the European Union announced its 750 billion- Euro ($824 billion) recovery package, aimed at boosting economic growth and creating a swathe of new jobs. The capital injection will have global financial markets breathing a sigh of relief, following the commitment from China at the Two Session to …
Iron ore futures surge on Brazil virus fears
Iron ore futures surged on Wednesday on renewed concerns over the worsening coronavirus crisis in Brazil. Unlike many other countries, Brazil has not enforced a lockdown, resulting in a widespread increase of coronavirus infections. It was reported that there has been a sudden spike in coronavirus cases in the Brazilian state of Para, where around …
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U.S. Mulls Sanctions on Chinese Officials, Firms Over Hong Kong
The U.S. is considering a range of sanctions to punish China for its crackdown on Hong Kong, people familiar with the matter said, as the Trump administration weighs whether to declare the former colony has lost its autonomy from Beijing. The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and …
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Li’s Fiscal Boost Fails to Spark Metals
Premier Li Keqiang delivered his speech to the National People’s Congress against a risk-averse backdrop of Beijing’s tightening grip on Hong Kong and increasingly testy relations with Washington. Li reported that China has dropped its numerical growth target — a move perceived as negative for metals like steel — but plans to boost fiscal support …
China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs
The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus. Speaking at the National People’s Congress in Beijing on Friday morning, Premier Li Keqiang delivered an annual policy address that instead laid …
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What to Watch as China Unveils Stimulus in Policy Meeting
China’s top leaders should reveal on Friday how much they’re planning to spend on stimulus to support the post-virus economy, when they belatedly announce their economic policy blueprint for the rest of 2020. The centerpiece event will be the work report delivered by Premier Li Keqiang, which typically contains the economic growth and spending targets, …
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