Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UPDATE 1-China iron ore futures rise after premier reiterates economic targets

Published 13/11/2019, 06:39 pm
© Reuters.  UPDATE 1-China iron ore futures rise after premier reiterates economic targets

* Dalian iron ore up as much as 2% in morning trade

* Spot 62% iron ore steady at $79.5 a tonne

* China will ensure achievement of key targets for 2019 - Premier

(Adds details; updates with closing prices)

BEIJING, Nov 13 (Reuters) - Benchmark Dalian iron ore futures jumped in morning trade on Wednesday, extending gains for a second session, after China's Premier Li Keqiang again vowed to ensure that key economic goals for this year are achieved.

China should keep macro policies stable, improve the use of local government special bonds and strengthen support for the real economy, state television cited a state council meeting chaired by Li on Tuesday. most-traded iron ore futures on the Dalian Commodity Exchange DCIOcv1 , gained as much as 2% to 613 yuan ($87.65) a tonne in morning trade. It closed up 1.1% at 608 yuan per tonne.

The gain also came after Australia's Port Hedland said its iron ore shipments to China slipped 0.7% in October compared with a month earlier. for spot cargoes of benchmark iron ore with 62% iron content for delivery to China SH-CCN-IRNOR62 pinned at $79.5 a tonne on Tuesday, after diving for four sessions.

Futures of construction steel rebar on the Shanghai Futures Exchange SRBcv1 , for January delivery, increased 1.0% to 3,442 yuan a tonne.

Shanghai hot-rolled coil SHHCcv1 , used for cars and home appliances, climbed 0.9% to 3,377 yuan per tonne.

"The consumption for steel products in short term remains to be strong, as market sentiment was boosted by falling inventory amid rushing constructions." Huatai Futures wrote in a note.

FUNDAMENTALS

* Shanghai stainless steel futures SHSSc1 , for February 2020 delivery, edged up 0.5% to 14,360 yuan per tonne.

* Other steelmaking ingredients both held their grounds, with Dalian coke DCJcv1 inching up 0.1% to 1,713 yuan while Dalian coking coal sat tight at 1,230 yuan.

* U.S. President Donald Trump on Tuesday dangled the prospect of an initial trade deal with China "soon", but offered no new details on negotiations in a campaign-style speech touting his administration's economic record. For the top stories metals and other news, click TOP/MTL or MET/L

($1 = 6.9941 Chinese yuan)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.