It was another exciting day for iron ore on Thursday.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.19% to $58.86 a tonne, leaving its gain for 2016 at 35.1%.
In 10 of the past 11 sessions the price has now moved less than 1% in either direction, a period of relative stability compared to the wild price action seen earlier in the year.
It’s been eerily quiet, even with the release of major Chinese economic data that topped expectations.
Well, that may be about to come to end if Chinese iron ore futures are anything to go by. They flew higher in overnight trade.
The most actively traded January 2017 contract on the Dalian Commodities Exchange finished at 424.5 yuan, up a hefty 2.54% for the session. The reversal followed a plunge of over 11% over the six prior trading sessions.
Trade in Dalian will resume at 11am AEST.
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