Spot iron ore weakens with futures pointing to further losses today

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The iron ore price softened modestly overnight.

According to Metal Bulletin’s iron ore index the spot price for 62% fines fell by 29c, or 0.55%, to $52.10 a tonne.

Indicating that the spot price may slip further this evening, the January 2016 iron ore futures contract on the Dalian commodities exchange slipped by 4 yuan, or 1.10%, to 360 yuan in overnight trade. If sustained during today’s day session it would likely signal further weakness tonight.

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