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Iron Ore Turns ‘Very Hot’ as 10% Surge Adds to Commodities Boom

Future iron ore contracts have risen more than 10% and copper will be among the most common commodities. China’s expectations will be strengthened by the environmental rules added in the case of copper, which has fueled speculation that steelmakers may load iron ore markets before the new curbs begin. The iron ore sector is “very, very hot,” Vivek Dhar, a commodity analyst at Commonwealth Bank of Australia, told Bloomberg Television. “Supply is not yet able to meet this strong demand’’. Futures iron ore contracts in Singapore hit a record high of more than $ 226 a ton, boosting this year’s profit to around 40%. Copper, often considered a barometer of the health of the global economy, rose as much as 2.1% to a record $ 10,639 per ton on the London Metal Exchange. Copper remains a big bet on the mall, as “huge green demand is about to collide with a completely unprepared supply side,” wrote Goldman Sachs analysts led by Sabine Schels. They said the metal could rise to $ 11,000 a ton in 12 months and $ 14,000 in 2024.

The boom in iron ore comes as China’s steelmakers maintain production rates of more than 1 billion tons a year, despite declining production aimed at reducing carbon emissions and reducing supply. Traders will be watching closely how China responds. Shipbuilders and household goods manufacturers will eventually not be able to withstand rising steel prices, the country’s state-run Xinhua news agency said on Sunday, citing an analysis by the China Iron & Steel Association. The report said it would be difficult for steel to continue the rally.

Watch the interview and read more here: https://www.bloomberg.com/news/articles/2021-05-10/iron-ore-turns-very-very-hot-as-prices-jump-10-in-minutes

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