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Iron-ore surged, but could retest $100/mt support levels

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Update time : 2023-08-14 16:03:23

The most-traded January iron-ore on China's Dalian Commodity Exchange ended daytime trade 2.1% higher at 728 yuan ($100.64) per metric ton.

On the Singapore Exchange, the benchmark September iron-ore jumped 2.2% to $103 a metric ton, as of 07:30 GMT, paring the previous day's losses.

"Scant mildly positive headlines have provided temporary relief from the overarching disappointment of a flailing economy. This only creates mouth-watering opportunities for iron ore bears to sell into and soak up additional speculative gains on short positions," said Atilla Widnell, managing director at Navigate Commodities in Singapore.

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