Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 11 February 2017

Iron ore goes bananas

China demand strong

China's trade data exceeded expectations for January, confirming record demand for iron ore and crude.

The copper price has had its best start to a year since 2012.

Meanwhile, concerns about iron ore supply were brushed aside as futures soared 8 per cent higher. 

Daily iron price commentary isn't really my area, but this latest move is worth a look.

Overnight the iron ore spot price blazed another 3.3 per cent higher to $86.62/tonne, which is the highest spot since September 2014. 

In Aussie dollar terms that puts the iron ore price at A$113/tonne, a figure that was almost unthinkable just a year ago.