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| abc.net |
Chinese iron ore and steel futures increased rapidly on Monday, tracking gains in commodities from oil to copper, whereas the same time dollar struggled after a shockingly weak U.S. employment report cut expectations for a near-term hike in U.S. interest rates.
The rises in both ferrous futures barely touched marginal gains last week as investors weighed the outbreak of a seasonal slowdown in construction activity this month.
According to commonwealth Bank of Australia analyst Vivek Dhara, numerous Chinese steel mills may be looking to build some stocks of raw material iron ore ahead of the Dragon Boat festival in China on Thursday and Friday.
Nonetheless, high stocks of iron ore at China's ports suggest appetite among mills for fresh seaborne cargoes may be limited, traders said.
Stocks of imported iron ore at China's major ports decreased to 100.25 million tonnes on June 3, down 400,000 tonnes from the prior week when it reached the most since December 2014.
According to commonwealth Bank of Australia analyst Vivek Dhara, numerous Chinese steel mills may be looking to build some stocks of raw material iron ore ahead of the Dragon Boat festival in China on Thursday and Friday.
Nonetheless, high stocks of iron ore at China's ports suggest appetite among mills for fresh seaborne cargoes may be limited, traders said.
Stocks of imported iron ore at China's major ports decreased to 100.25 million tonnes on June 3, down 400,000 tonnes from the prior week when it reached the most since December 2014.
Source: Reuters
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