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

12:26  13 february  2018
12:26  13 february  2018 Source:   businessinsider.com.au

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The May 2018 iron ore contract in Dalian closed at 523 yuan a tonne, giving back ground from levels seen earlier in the session. Lunar New Year celebrations in China will begin from Thursday.

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

  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.

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While most iron ore market participants are already winding down for holidays, those who continue to trade were buying on Tuesday. Prices have chopped around in recent sessions as market liquidity has dried up ahead of Lunar New Year celebrations in China.

Daily market prices,news,and trade leads of chrome ore ,manganese ore , iron ore ,nickel ore ,titanium,zircon sand,base metals,steel,rare earth,coal,cobalt,minor metal and ferroalloy.

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

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.

Iron ore spot markets ripped higher to start the week with strong gains recorded across all grades. With market activity winding down ahead of Lunar New Year celebrations that will begin next week, analysts said it was contributing to the choppy price movements seen in recent days.

Like the millions of firecrackers that will be lit over the next 24 hours, iron ore markets entered Lunar New Year with a bang with strong gains recorded across the board. According to Metal Bulletin, the spot price for benchmark 62% fines jumped 1.4% to .41 a tonne, adding to the

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.

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.

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

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