Home Iron ore futures reach two-month highs in China, may draw bids for AUD

Iron ore futures reach two-month highs in China, may draw bids for AUD

Updated: 10 Nov. 2020 | 05:32

Iron ore futures listed on China-based Dalian Commodity Exchange reached two-month highs on Tuesday, extending its recent bull run.

The most active contract traded at 836 per tonne, the highest level since mid-September, as noted by David Scutt, anchor at ausbiz.com.au.

Iron ore is one of Australia’s top exports. As such, the rally in iron ore prices often bodes well for the Aussie dollar.

The AUD/USD pair is currently trading at 0.7282, representing marginal gains on the day. The currency pair has rallied from 0.6991 to 0.7340 in the past six trading days.

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 posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.