Iron ore futures sit at an 8-week low

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There was no spot pricing for iron ore released on Monday due to a public holiday in Singapore, leaving Dalian futures in China to dictate direction.

In overnight trade the January 2016 contract closed down 1.73% at 398 yuan, largely unchanged from where it closed Monday’s day session. It was the lowest closing level since July 20.

Metal Bulletin will resume the publication of its daily iron ore index today.

Trade in Dalian will resume at 11am AEST, just an hour before the release of a raft of Chinese economic data including steel production levels for August.

It’s likely to be influential on movements in bulk commodity prices, including iron ore.