Dalian iron-ore futures soar nearly 4.0% to 8.0% for most contracts. Vale cuts supply forecasts, Aussie-China tussle mostly ignored. The most actively traded contract for China’s benchmark iron ore futures, traded on Dalian Commodity Exchange, surge over 7.0% on early Friday to refresh the record high near $150.00. With Australia’s key export item rising to the all-time top, AUD/USD follows the suit while probing a 30-month peak above 0.7500, currently up 0.32% to 0.7561. Read: AUD/USD Price Analysis: Bulls extend in the monthly impulse While the May contract rose to 981 Chinese yuan, other contracts ranging from December 2020 to March 2021 also jumped between 4.0% and 8.0% during the latest run-up. Although hopes of the coronavirus (COVID-19) vaccine and China’s successful recovery from the pandemic could be identified as helping the commodity prices, successive cuts in the 2021 output forecasts by major iron ore producer Vale also favored the prices. In this regard, Australiamining said, “This is propped up by a reduced supply estimate from Vale, which is likely to produce 300-305 million tonnes for this year, falling short of its previously downgraded 2020 target of over 310 million tonnes.” Given the likelihood of further recovery in global economics, due to the covid vaccine discovery and likely US stimulus, iron ore seems to have further upside to trace. Though, UBS spots fears of Canberra-Beijing tussle, while also highlighting a new supply including at the giant Simandou iron ore project in Guinea, Africa, to suggest a cautious move. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD eyes bigger gains on less pessimistic ECB FX Street 2 years Dalian iron-ore futures soar nearly 4.0% to 8.0% for most contracts. Vale cuts supply forecasts, Aussie-China tussle mostly ignored. The most actively traded contract for China’s benchmark iron ore futures, traded on Dalian Commodity Exchange, surge over 7.0% on early Friday to refresh the record high near $150.00. With Australia’s key export item rising to the all-time top, AUD/USD follows the suit while probing a 30-month peak above 0.7500, currently up 0.32% to 0.7561. Read: AUD/USD Price Analysis: Bulls extend in the monthly impulse While the May contract rose to 981 Chinese yuan, other contracts ranging from December 2020 to March… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.