As we all know iron ore has more than halved from its May high illustrating the cyclical nature of commodities although in this case in rather nuclear like fashion due to the combination of Chinas shift in policy and the demise of China Evergrande which dragged with it the construction industry in the world’s 2nd largest economy. We still believe the bulk commodity is looking for a low but the degree of a recovery might disappoint some, a 50% rally from today’s level will now recover only 30% of the last few months plunge.
MM is bullish iron ore short-term
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