Commodity markets remain centre stage technically with significant gains being posted for a range of different markets, with the spotlight focused on Iron Ore, according to analysts at Credit Suisse.
Key quotes
“Iron Ore has surged dramatically higher for a break above the top of the range of the past eight months at 692 for the completion of a large base. We look for this to now provide the platform for a more sustained bull trend, with resistance seen next at 733, then the beginning of the large price gap from summer last year at 791.50.”
“We shall watch closely as to whether this starts to improve the outlook for China, which still remains capped at key resistance.”
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