The jaws must shut to restore steel mill profitability. The range trade must break down. Scuttlebutt is nasty. Iron ore prices typically rebound from early November to February before easing. However, significant losses from winter stockpiling in recent years, along with current high operating rates, may curb stockpiling enthusiasm this year, said Chinese broker Zhongtai
Wall Street corrected sharply overnight led mainly by tech stocks as the NASDAQ fell back nearly 2% in response to a variety of concerns – mainly the looming spectre of stagflation – but also some disappointment around earnings at the orc-stronghold of Palantir. The USD is pushing higher against all the majors with the Canadian
Risk markets fell were uneasy overnight on the so-called US-China truce out of the summit between the Trump and Xi regimes with Wall Street falling back despite very solid earnings from Amazon as Meta was dumped more than 11% on AI troubles. The USD reasserted its recent strength against all the majors – except gold