Iron ore futures in China rose for the fourth consecutive session today as investor sentiment surged after the state council announced its economic recovery package.
Analysts made an assessment of the State Council's 33 measures announcement, stating that the recovery in ferrous product demand is promising in the short and medium term.
However, with increased raw material arrivals and limited molten iron production, there isn't much room for further bounce in iron ore prices, according to analysts.
Iron ore for September delivery rose 1.6% to 910 yuan/t ($136) on the Dalian Commodity Exchange as of 06:30.
In Dalian, coking coal futures were up 2.4% to 2,747 yuan/t and coking coal to 3,564 yuan/t, up 2%.
Rebar also rose 1.4% to 4,720 yuan/t on the Shanghai Futures Exchange. Hot rolled coil increased by 1.1%.
Copper prices remain flat amid strong dollar and slowdown concerns
LME copper prices remained flat amid strong dollar and slowdown concerns. China's iron ore continues to rise on demand hopes
Copper prices in London were flat today, after falling 1% the previous day amid concerns of a stronger dollar and economic slowdown. But Shanghai's exit from the two-month quarantine has raised hopes for a revival in demand.
Three-month copper on the London Metal Exchange held its position at $9,458/t at 05.35 CET, while the July copper contract in Shanghai fell 0.7% to 71,590 yuan/t ($10,718.51).
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