GLNCY - Iron ore futures fall to two-month lows as China's lockdowns dent demand

Chinese iron ore futures plunged as much as 7% on Tuesday to their lowest levels in nearly two months, as demand has been slammed by China's lockdowns while supply from major miners continues. The most-active iron ore futures on China's Dalian Commodity Exchange (SCO:COM) closed -4.1% 779 yuan/metric ton, extending losses to a third day, and the Singapore exchange's most-traded June iron ore contract settled -3.1% to $123.45/ton, Reuters reports. Potentially relevant tickers include (NYSE:BHP), (NYSE:RIO), (NYSE:VALE), (OTCQX:FSUMF), (OTCPK:GLCNF), (OTCPK:GLNCY), (OTCQX:AAUKF), (OTCQX:NGLOY) Concerns about higher interest rates global and stagnant demand in China has "led to significant decline in commodities prices denominated in U.S. dollars such as iron ore," while thin profit margins at steel producers, and overall steel output controls have curbed production increases and dented demand for steelmaking ingredients, GF Futures analysts wrote, according to Reuters. Goldman Sachs analysts said last month that higher copper prices are "an

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Iron ore futures fall to two-month lows as China's lockdowns dent demand