Iron Ore Seen at $100 by Morgan Stanley Offers Chance to Buy
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Iron ore may extend losses before rebounding, offering investors an opportunity to buy the steelmaking raw material to profit from a recovery driven by low inventories in China, according to Morgan Stanley.
The commodity, which reached a seven-month low of $111.60 a dry ton today after entering a bear market this month, may decline toward $100, Melbourne-based analyst Joel Crane said in an e-mailed note. The seaborne market will be very tight for the rest of 2013 and into next year, Crane said.