The iron ore rally took a breather on Friday

Photo by Ian MacNicol/Getty images

Iron ore spot markets weakened on Friday following two days of enormous gains.

According to Metal Bulletin, the spot price for benchmark 62% fines dipped 0.29% to $92.34 a tonne, partially reversing gains of 3.17% and 1.85% respectively in the prior two sessions.

The price for 58% fines was unchanged for the session.

The decline coincided with renewed weakness in Chinese futures earlier in the session, succumbing to profit-taking after a more than 10% rally earlier in the week that was fuelled by a raft of strong Chinese economic data and a temporary trial cut to trading fees for iron ore futures contracts.

In overnight trade on Friday, Chinese commodity futures rebounded fractionally, although not by a margin large enough to indicate where spot markets will likely head on Monday.

The May 2017 iron ore future added 0.35% to 717 yuan, while rebar futures edged up 0.11% to 3,592 yuan.

SHFE Copper ¥48,190 , 0.52%
SHFE Aluminium ¥13,825 , -0.18%
SHFE Zinc ¥23,795 , 2.17%
SHFE Nickel ¥85,060 , 0.29%
SHFE Rebar ¥3,592 , 0.11%
DCE Iron Ore ¥717.00 , 0.35%
DCE Coking Coal ¥1,282.00 , -0.23%
DCE Coke ¥1,863.50 , 0.16%

Those moves came before the release of Chinese new home price data for February over the weekend which revealed prices rose by 0.3% nationally last month, up from the 0.2% increase reported in January.

Trade in commodity futures will resume at midday AEDT.

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