Money Iron ore is in a bull market, again

13:38  06 december  2017
13:38  06 december  2017 Source:   Business Insider Australia

Iron ore is in a bull market, again

  Iron ore is in a bull market, again Iron ore spot markets continued to rally on Monday, logging the eighth increase in the past nine sessions. Iron ore spot markets continued to rally on Monday, logging the eighth increase in the past nine sessions.

Iron ore spot markets continued to rally on Monday, logging the eighth increase in the past nine sessions. It’s now gained 24.2% since the end of October, leaving it in a technical bull market . Lower and higher grade ores also rallied hard during the session.

The price of iron ore was trading sideways on Wednesday with the market for the steelmaking raw material appearing to be relatively insulated from the rout in metals. That's up 20.4% from record lows hit July 8 and therefore technically still a bull market defined as a one-fifth rise from a low.

  Iron ore is in a bull market, again © Provided by Business Insider Inc

Iron ore spot markets continued to rally on Monday, logging the eighth increase in the past nine sessions.

According to Metal Bulletin, the price for benchmark 62% fines surged 3.7% to $72.68 a tonne, leaving it at the highest level since September 14.

It's now gained 24.2% since the end of October, leaving it in a technical bull market.

a screenshot of a cell phone© Provided by Business Insider Inc

Lower and higher grade ores also rallied hard during the session.

The price of 58% fines surged 4.2% to $41.37 a tonne, outpacing a 3% gain for ore with 65% Fe content which settled at $89.40 a tonne.

The move yet again corresponded with strength in Chinese steel futures, boosted by ongoing production cuts on environmental grounds which have seen rebar inventories held by Chinese traders fall to the lowest level in at least six years.

Iron ore markets remain wild, rivalling the volatility seen in Bitcoin in recent days

  Iron ore markets remain wild, rivalling the volatility seen in Bitcoin in recent days The price swings across iron ore markets remain wild, rivalling those seen in Bitcoin in recent days. The price swings across iron ore markets remain wild, rivalling those seen in Bitcoin in recent days.

(Bloomberg) — Iron ore has rallied back into a bull market . At the same time, spot rebar prices have rallied to a multi-year high, and futures in China advanced again on Monday. Those trends are aiding mills’ profitability in the country that accounts for half of worldwide steel production.

Asian spot iron ore does meet the technical definition of being in a bull market , having gained 25.4 percent between its record low of .10 a ton on July 8 and the close of .30 on July 29. Markets are said to be in a bull phase when the rally exceeds 20 percent

According to data from SteelHome consultancy, inventories held by Chinese traders fell to 3.03 million tonnes last week, the lowest since since records began in 2011.

Rebar futures in Shanghai surged 2% to 4,065 yuan having earlier hit a high of 4,104 yuan, the loftiest level seen since September 6. That prompted even larger gains in iron ore futures in Dalian which jumped 4.8% to 548 yuan, the highest level since September 13.

A seen in the scoreboard below, those gains were largely sustained in overnight trade.

SHFE Rebar¥4,065,0.64%
DCE Iron Ore¥547.00,0.92%
DCE Coking Coal¥1,387.50,-1.07%
DCE Coke¥2,224.00,0.63%

Trade in Chinese commodity futures will resume at midday AEDT.

AUSTRALIAN STOCKS STALL: Here's what you need to know .
<p>Australian stocks closed marginally higher.</p>Today’s scoreboard:

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