AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

MANILA: Dalian and Singapore iron ore futures pulled back on Tuesday from record peaks hit in the previous session, after the Chinese market regulator stepped up efforts to curb trading positions for this year’s hottest commodity.

China’s Dalian Commodity Exchange has moved to limit non-futures company members’ single-day position openings for iron ore futures to 2,000 lots from Tuesday’s session.

In a separate statement, the bourse also proposed cutting some trading position limits by more than half for its iron ore futures “to strengthen the risk management”.

The move followed strong speculative buying in recent days that had prompted a call by major Chinese steelmakers for a regulatory probe, and a Dec. 3 announcement of a trading limit for the most-active May iron ore contract.

The Dalian exchange has said it would “dynamically adjust the trading limit in accordance with market conditions”.

Dalian iron ore for May delivery ended daytime trading down 4.8% at 1,055 yuan ($161.04) a tonne, after five straight sessions of gains.

Iron ore’s January contract on the Singapore Exchange slumped 6.9% to $162.83 a tonne by 0702 GMT, after touching a record high of $176.20 a tonne in the previous session.

Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm.

Steel futures surrendered early gains but were still supported as inventories in the world’s top steel producer continued to shrink.

Construction steel rebar on the Shanghai Futures Exchange slipped 0.3%, while hot-rolled coil climbed 0.5%. Stainless steel dipped 4.6%.

Dalian coking coal fell 3.1% and coke lost 1.2%.

Spot 62%-grade iron ore soared to$175 a tonne on Monday, the highest on record based on SteelHome consultancy data.

Comments

Comments are closed.