Iron Ore's Rally Stalls as Goldman to Citigroup Forecast Retreat
- `The rally is there to be sold,' UBS's Wayne Gordon says
- Iron's advance ``will likely prove temporary,' Goldman says
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Iron ore’s rally stalled on Tuesday after a record 19 percent advance a day earlier as banks from Goldman Sachs Group Inc. to Citigroup Inc. together with some of the largest miners said that the surge wasn’t likely to endure.
Ore with 62 percent content delivered to Qingdao dropped 0.2 percent to $63.63 a dry metric ton, Metal Bulletin Ltd. data showed. The decline was preceded in Asia by a fall in bellwether futures in Singapore, which lost as much as 12 percent.