Aussie pops in sync with iron-ore futures, as Chinese traders return

Dhwani Mehta FXStreet

Iron ore futures on China’s Dalian Commodity Exchange (DCE) rose to a record on Monday, as the Chinese traders return from their week-long New Year holidays and react positively to the looming supply disruption risks from Brazil, the country’s second-largest ore supplier, following a fatal dam accident at a Vale SA mine.

According to Reuters, the most-active iron ore futures for May delivery on the DCE rose to their daily trading limit when the market opened at 0100 GMT, hitting a record of CNY 652 ($96.30) a tonne.

The jump in the Chinese iron-ore futures could be also seen as a catalyst behind the latest uptick in the Aussie-dollar that drove the AUD/USD pair back above the 0.71 handle. At the press time, the spot keeps its range near the last, up +0.15% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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