Iron Ore Revival Snuffed Out as ‘Weakest Commodity’ Drops Again
- ‘Traders absolutely don’t wish to hold it,’ Huatai’s Xu says
- Shanghai Cifco sees signs traders may be ‘dumping’ holdings
China's Iron Ore Demand Has Been Slowing
This article is for subscribers only.
Iron ore’s attempt at a rebound lasted just a few short hours as investor concern over robust supplies, including near-record port stockpiles, and speculation some traders in China were rushing to offload holdings combined to snuff out the brief gain.
In Singapore, SGX AsiaClear futures fell 2.1 percent to $59.70 a metric ton, overturning an earlier climb of as much as 2.7 percent. In China, the most-active contract on the Dalian Commodity Exchange pared a 5 percent jump to close just 1.1 percent higher. Benchmark spot prices tumbled toward $60 a dry ton.