NGLOY - Iron ore futures surge as Shanghai prepares to reopen

Chinese iron ore futures hit 900 yuan/metric ton (~$135) on Tuesday for the first time in nearly six weeks, as hopes of a demand recovery rose after officials in Shanghai announced an end to a two-month lockdown from COVID-19. According to Reuters, the most-active iron ore futures on the Dalian Commodity Exchange (SCO:COM) gained as much as 3.8% to 908 yuan/ton in morning trade before settling +2.1% at 893 yuan/ton, rising 2.6% for the month of May, while spot prices of iron ore with 62% iron content (TIOC:COM) for delivery to China was unchanged at $136.50/ton. Potentially relevant tickers include (NYSE:RIO), (NYSE:BHP), (NYSE:VALE), (OTCQX:FSUMF), (OTCPK:GLCNF), (OTCPK:GLNCY), (OTCQX:AAUKF), (OTCQX:NGLOY) Chinese iron ore futures surged last week following India's move to raise export duties on some commodities in an attempt to curb inflationary pressure.

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Iron ore futures surge as Shanghai prepares to reopen