Pete Wargent blogspot


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Monday, 8 June 2020

Iron ore to the moon

Iron  ore soars

There was another weekly decrease in China's port stocks, sending iron ore to above $100/tonne at Friday's close:

Brazil's Vale has been forced to shut its mines at Itabira in Minas Gerais due to the pandemic, with a couple of hundred workers testing positive for COVID-19.

Big news for Australia's mining sector...provided relations with China don't deteriorate further!

Meanwhile the oil price liked what it's heard from OPEC and crude rose to be back above $40.