QE Tapering May Send Non-Precious Metals Higher

Iron ore prices hit their highest levels in nearly five months, leading one analyst to forecast a further rally of up to 30 percent this year.

Prices of the industrial metal climbed to $141.80 per metric ton on Tuesday, a more than 60 percent increase from lows of around $86.70 per ton in September last year amid heightened fears over a Chinese economic slowdown.

Sentiment was buoyed heavy steel restocking in top consumer China on news the government will take softer approach on price control.

Recent better-than-expected import data from China also boosted sentiment. July imports jumped 17 percent on June's levels to a record 73.14 million metric tons, data showed on Thursday.

CNBC

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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu