Money Iron ore markets are winding down ahead of Lunar New Year celebrations

12:26  13 february  2018
12:26  13 february  2018 Source:   Business Insider Australia

The Australian dollar is treading water

  The Australian dollar is treading water The Australian dollar meandered its way through Monday's trading session with US and Chinese markets on holiday. Here's the scoreboard as at 7.10am AEDT. AUD/USD0.7910,0,0.00%AUD/JPY84.27,0.17,0.20%AUD/CNH4.9875,0.0053,0.11%AUD/EUR0.6374,-0.0002,-0.03%AUD/GBP0.5647,0.0006,0.11%AUD/NZD1.0730,0.0031,0.29%AUD/CAD0.9938,0.0004,0.04%After opening trade at .7910, the AUD/USD hit a session high of .7935 before reversing most of those gains in European trade. As seen in the five minute chart below, it largely flat-lined in North American trade with US markets closed for the President's Day holiday.

Chinese New Year celebrations will kick off in two week’s time, heralding the start of the week-long Golden Week holiday. It looks like many iron ore market participants have already taken off. Nothing much is happening in either spot or futures markets

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  Iron ore markets are winding down ahead of Lunar New Year celebrations © Provided by Business Insider Inc

Iron ore markets are quietening down ahead of Lunar New Year celebrations.

According to Metal Bulletin, spot markets fell modestly across the board on Monday, adding to declines seen on Friday.

The price for benchmark 62% fines slipped 0.3% to $76.24 a tonne, moving further away from the one-month high of $77.32 a tonne struck on Thursday last week.

58% fines fell 0.1% to $43.34 a tonne while ore with 65% Fe content slid by a larger 0.5% to $92.70 a tonne.

a screenshot of a cell phone© Provided by Business Insider Inc

“Most of the mills have already finished their purchases and most traders are on holiday now,” an iron ore trader in China’s port city of Rizhao told Reuters.

Iron ore prices are grinding higher

  Iron ore prices are grinding higher Iron ore spot markets continue to grind higher, logging a third straight day of gains on Tuesday. According to Metal Bulletin, the price for benchmark 62% fines rose 0.3% to $75.92 a tonne, leaving it at a two-week high. © Business Insider AustraliaSmall gains were also seen across lower and higher grades.58% fines increased 0.5%, closing the session at $43.87 a tonne. Ore with 65% Fe content added a smaller 0.2%, settling at $91.90 a tonne.The modest gains mirrored similar price action in Dalian iron ore futures. require(["inlineoutstreamAd", "c.

Tags: Iron Ore . Summary: Chinese New Year celebrations will kick off in two week’s time, heralding the start of the week-long Golden Week holiday. It looks like many iron ore market participants have already taken of

Iron ore markets are winding down ahead of Lunar New Year celebrations . Iron ore markets are quiet. Business Insider Australia 5d. Fortescue tips rising demand in China for its iron ore .

The losses followed a quiet session of trade in Chinese futures.

Everything's a sell in China after $828 billion equity rout

  Everything's a sell in China after $828 billion equity rout Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart. The country’s currency was their latest favorite to succumb to a rout that has roiled financial markets around the world this week, losing as much as 1.2 percent on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities.Traders are running out of places to hide in a nation where market declines have a habit of snowballing.

Chinese New Year celebrations will kick off in two week's time, heralding the start of the week-long Golden Week holiday.

Iron ore markets are winding down ahead of Lunar New Year celebrations .

The May 2018 iron ore contract in Dalian closed at 523 yuan a tonne, giving back ground from levels seen earlier in the session. Rebar, coking coal and coke futures also meandered throughout the day, closing at 3,918 yuan, 1,364 yuan and 2,110.50 yuan a tonne respectively.

And, as seen in the scoreboard below, there was very little movement on those levels during Monday's night session.

SHFE Rebar ¥3,908,0.05%
DCE Iron Ore ¥523.50,0.29%
DCE Coking Coal ¥1,355.00,-0.11%
DCE Coke ¥2,108.50,0.12%

Trade in Chinese commodity futures will resume at midday AEDT.

Lunar New Year celebrations in China will begin from Thursday.

Here's a simple explanation for why markets are freaking out .
The simplest explanation for the sell-off in US stocks on Friday is that investors are worried the inflation genie might be out of the bottle. The searing run of US job creation finally has America's labour market at a point where wages are starting to rise more rapidly than anticipated. After the release of the US monthly jobs data on Friday, which showed wages growth rising at 2.9%, Deutsche Bank's chief international economist Torsten Slok released a presentation on Friday which was ominously titled: "US employment outlook: Labour market beginning to overheat.

Source: http://au.pressfrom.com/news/money/-55185-iron-ore-markets-are-winding-down-ahead-of-lunar-new-year-celebrations/

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