Iron ore's epic rally is over

Photo by Jonathan Moore/Getty Images

The epic 11 session rally in iron ore is over.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 2.84%, or $1.26, to $43.11 a tonne.

It was the first decline registered since December 16, and the largest in percentage terms since November 30.

Like spot, Chinese iron ore futures also weakened in overnight trade.

The most actively traded May 2016 contract on the Dalian Commodities Exchange fell by 0.31% to 321.5 yuan.

If sustained during today’s day session, beginning at 12pm AEDT, it suggests that the weakness in the spot price may extend into a second session.

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