CHART OF THE DAY: Iron Ore Is In The Midst Of A Big Rally

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It’s funny how Iron Ore price falls seem to get all the headlines but when it rallies – radio silence.

So, in the interests of balance, here is a chart of the September 62% FE Iron Ore swap futures contract.

Picture: Barchart.com

Iron Ore at $95.13 this morning is up 7.29% off the recent low and has broken a three-month downtrend.

It’s a solid bounce and if it can get through the recent high at $95.77 a tonne then the outlook might have changed and a bottom might be in place.

Time will tell.

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