CHART: Iron ore looks set to break the $60 mark

Spot iron ore may climb above $US60 a tonne this evening.

The September iron ore futures contract on the Dalian Commodities Exchange are currently up 2.7% at 442 yuan, taking gains from early April to 20%.

The chart below, courtesy of Eamonn Sheridan of Forexlive, reflects the recent price action:

Having settled at $US59.10 overnight, if the gains in futures are sustained, there’s a strong possibility the spot price will carry a six-handle come later on this evening.

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