Say goodbye to 23 resistance sharks
Iron ore rockets back above $70 to a 16-month high
Iron ore is back above $70 a tonne, following the lead provided by Chinese futures that finished limit up 6% for a second consecutive session on Thursday.
According to Metal Bulletin, the spot price for benchmark 62% fines surged 8.78%, or $5.69, to $70.46 a tonne, extending this year’s gain to 61.7%.
In percentage terms, the gain was the third largest since spot pricing first began in May 2009.
Since December 11 last year, the benchmark price has surged by an unbelievable 84%.
The price now sits at the highest level seen since January 9, 2015.
Say goodbye to 23 resistance sharks Iron ore rockets back above...
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