China iron ore soars
BEIJING, June 27 (Reuters) Chinese iron ore prices surged canada goose uk black friday 6 percent to one month canada goose store highs canada goose coats on sale on Tuesday in a late burst of short covering and fresh buying that lifted steel and raw materials, cheap canada goose uk with investors betting on rising demand even as a glut in the world top metal market grows.
For canadian goose jacket one of its best daily performances this year, the most traded iron ore contract on the Dalian Commodity Exchange ended the day Canada Goose sale up 5.92 percent at 456.5 yuan per tonne, after hitting 458 yuan in the last five minutes canada goose gilet of trading.
Some investors took their cue from comments made by Chinese Premier Li Keqiang and industrial canada goose uk outlet profit data that reassured them about the pace of Canada Goose Online growth in the world Canada Goose Coats On Sale second uk canada goose largest economy, canada goose traders said.
Those two factors were enough to get traders to cover short positions, said Marex Spectron in a uk canada goose outlet note.
Others attributed it to the canada goose black friday sale management of positions, known in the market as window dressing, ahead of Canada Goose Parka the end of buy canada goose jacket the quarter and the first half of the year.
The market is on track for its first Canada Goose online quarterly loss since the fourth quarter of 2015 amid canada goose clearance sale concerns about weakening demand as manufacturing slows buy canada goose jacket cheap in canadagoosejacketsalesca China, the world top steel producer.
The sudden turnaround and more bullish tone offset lingering concerns about mountains of material sitting at ports. Last week, stockpiles SH TOT IRONINV rose to a 13 year high.
Open interest in the September contract, a measure of liquidity, jumped by 330,000 lots, equivalent to 33 million tonnes worth 15 billion yuan ($2.2 billion), Canada Goose Outlet after hitting eight week lows on Monday. Open interest ended the day at 2.13 million lots.
Other markets followed with the most active steel canada goose factory sale futures up 3.5 percent to 3,224 Canada Goose Jackets yuan per tonne. Coking coal jumped 2.19 percent to 1,049.5 yuan a tonne, and coke was up 3.07 percent at 1,679 yuan per tonne.
Base metals also gained in a late session rally.
margins after the government effort to eliminate low grade steel are enticing mills to produce more steel, which increases the need for iron ore, said Zou Mingdong, Shanghai based steel manager at Zhongcai Merchants Investment Group.
the rising price doesn change the fundamental situation of oversupply and weak demand.
The crackdown on low end steel production canada goose coats has been in focus recently ahead of a June 30 deadline for mills to halt induction furnaces producing canada goose uk shop rebar used for construction purposes.
Shutting low quality steel furnaces is part of China years long effort to cut excess capacity and tackling pollution.
decisive battles in the steel industry this year are thoroughly canada goose clearance eliminating low grade rebar cheap Canada Goose and preventing (induction furnaces) from reopening, said Liu Zhenjiang, secretary general at China Iron and Steel Association, at an industry meeting last week in remarks published on Monday. (Reporting by Muyu Xu and Josephine Mason in BEIJING and Manolo Serapio in MANILA; Editing by Richard Pullin and Tom Hogue).
