Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Mixed steel prices reflected short-term boosts from rising hot metal output and policy support, offset by lingering property sector woes, trade uncertainties, and structural market challenges.</li>
<li>IO prices consolidated and closed slightly above the 200-day DMA indicating the strengthening of the bullish trend. Bulls risk facing a consolidation or downward correction from these levels. </li>
<li>Managed Money, Physicals participants &amp; Others are net short with 129.1k, 5.1k &amp; 18.6k lots respectively across all F&amp;O expiries. Managed Money decreased net shorts while FIIs decreased net longs.</li>
</ul>


Mixed steel prices reflected short-term boosts from rising hot metal output and policy support, offset by lingering property sector woes, trade uncertainties, and structural market challenges.
IO prices consolidated and closed slightly above the 200-day DMA indicating the strengthening of the bullish trend. Bulls risk facing a consolidation or downward correction from these levels. 
Managed Money, Physicals participants &amp; Others are net short with 129.1k, 5.1k &amp; 18.6k lots respectively across all F&amp;O expiries. Managed Money decreased net shorts while FIIs decreased net longs.


Iron Ore Weekly TA Review [2025/04]: Continued Bullishness Pre-CNY

<ul>
<li>SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures (“SGX IO Futures”) rose last week, closing $0.4/ton higher by 10/Jan (Fri).</li>
<li>Based on seasonality, SGX IO Futures Feb contract trades 24.6% below its last 5-year average ($128.93/ton). </li>
<li>IO prices gained 3% in the 10 trading days leading to CNY. IO prices rises 4.4% over the next 5 days before shedding 5% over the following five.</li>
</ul>


SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures (“SGX IO Futures”) rose last week, closing $0.4/ton higher by 10/Jan (Fri).
Based on seasonality, SGX IO Futures Feb contract trades 24.6% below its last 5-year average ($128.93/ton). 
IO prices gained 3% in the 10 trading days leading to CNY. IO prices rises 4.4% over the next 5 days before shedding 5% over the following five.


[SGX Iron Ore Weekly 2025/02] Bearish Sentiments Softening as Vols Trend Lower

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

<ul>
<li>SGX IO Futures closed USD 0.35/ton lower for the week ending on 03/Jan. It traded in a range of USD 4.35/ton, which was smaller than the prior week.</li>
<li>For the week ending 03/Jan, China's port iron ore stockpiles rose 0.2% WoW to 145.22 million tons, while daily imported ore pick-up volume fell 47k tons to 3.08 million tons.</li>
<li>FIIs hold a net long position of 130.6k lots across all futures and options expiries. Managed Money and Physical market participants are net short by 19.6k and 82.1k lots, respectively.</li>
</ul>


SGX IO Futures closed USD 0.35/ton lower for the week ending on 03/Jan. It traded in a range of USD 4.35/ton, which was smaller than the prior week.
For the week ending 03/Jan, China's port iron ore stockpiles rose 0.2% WoW to 145.22 million tons, while daily imported ore pick-up volume fell 47k tons to 3.08 million tons.
FIIs hold a net long position of 130.6k lots across all futures and options expiries. Managed Money and Physical market participants are net short by 19.6k and 82.1k lots, respectively.


IO Weekly Technicals Review [2025/01]: IO Poised for Recovery

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

<ul>
<li>Price Movements: SGX Iron Ore Futures rose $1.95/ton last week, peaking at $107.30/ton but faced increased resistance and waning momentum in the later part of the week. </li>
<li>Economic Influence: Expanded Chinese stimulus initially boosted prices, but weak CPI and loan data revealed sustained economic headwinds, dampening a lasting rally.</li>
<li>Technical Indicators: A flat-top pattern, narrowing MACD, and declining RSI point to bearish potential.</li>
</ul>


Price Movements: SGX Iron Ore Futures rose $1.95/ton last week, peaking at $107.30/ton but faced increased resistance and waning momentum in the later part of the week. 
Economic Influence: Expanded Chinese stimulus initially boosted prices, but weak CPI and loan data revealed sustained economic headwinds, dampening a lasting rally.
Technical Indicators: A flat-top pattern, narrowing MACD, and declining RSI point to bearish potential.


[IO Technicals Weekly 2024/​50] Stimulus Rally Fizzles

<ul>
<li>SGX IO Futures January 2025 contract fell $1.85/ton, closing at $102.55/ton on 6/Dec, with prices trading in a $3.45/ton range.</li>
<li>Prices traded above the weekly pivot point of $103.20/ton until 6/Dec but failed to breach the R1 resistance at $106.05/ton, reflecting constrained upward momentum.</li>
<li>Volume Put/Call ratio rose to 1.47; March 2025 expiry saw the highest put volume. Implied volatility increased modestly for December expiry but declined for January and February.</li>
</ul>


SGX IO Futures January 2025 contract fell $1.85/ton, closing at $102.55/ton on 6/Dec, with prices trading in a $3.45/ton range.
Prices traded above the weekly pivot point of $103.20/ton until 6/Dec but failed to breach the R1 resistance at $106.05/ton, reflecting constrained upward momentum.
Volume Put/Call ratio rose to 1.47; March 2025 expiry saw the highest put volume. Implied volatility increased modestly for December expiry but declined for January and February.


[IO Options Weekly 2024/49] Puts Dominate as IO Prices Slip

Australia

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

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Iron Ore (IRON ORE COMDTY)

Iron Ore Weekly TA Review [2025/04]: Continued Bullishness Pre-CNY

Steel prices face short-term boosts from rising hot metal output and policy support. IO prices show bullish trend strengthening pre-CNY but risks...

Mint Finance

[SGX Iron Ore Weekly 2025/02] Bearish Sentiments Softening as Vols Trend Lower

SGX IO rose 40c/ton last week, with Feb contract trading 24.6% below its 5-year average. In the lead up to CNY, IO prices rise, rise even further...

Mint Finance

IO Weekly Technicals Review [2025/01]: IO Poised for Recovery

SGX IO Futures closed lower, as China's iron ore stockpiles rose slightly and demand slowed. FIIs hold a net long position in the futures and...

Mint Finance

[IO Technicals Weekly 2024/50] Stimulus Rally Fizzles

SGX Iron Ore Futures rose but faced resistance due to weak Chinese economic data, indicating potential bearish trend ahead.

Mint Finance

[IO Options Weekly 2024/49] Puts Dominate as IO Prices Slip

Iron ore futures faced mixed signals last week, with SGX contracts declining amid weaker demand drivers despite seasonal tailwinds, while DCE...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Iron Ore Weekly TA Review [2025/04]: Continued Bullishness Pre-CNY

​Steel prices face short-term boosts from rising hot metal output and policy support. IO prices show bullish trend strengthening pre-CNY but risks...

Mint Finance

[SGX Iron Ore Weekly 2025/02] Bearish Sentiments Softening as Vols Trend Lower

​SGX IO rose 40c/ton last week, with Feb contract trading 24.6% below its 5-year average. In the lead up to CNY, IO prices rise, rise even further...

Mint Finance

IO Weekly Technicals Review [2025/01]: IO Poised for Recovery

​SGX IO Futures closed lower, as China's iron ore stockpiles rose slightly and demand slowed. FIIs hold a net long position in the futures and...

Mint Finance

[IO Technicals Weekly 2024/​50] Stimulus Rally Fizzles

​SGX Iron Ore Futures rose but faced resistance due to weak Chinese economic data, indicating potential bearish trend ahead.

Mint Finance

[IO Options Weekly 2024/49] Puts Dominate as IO Prices Slip

Iron ore futures faced mixed signals last week, with SGX contracts declining amid weaker demand drivers despite seasonal tailwinds, while DCE...

Mint Finance

Steel prices face short-term boosts from rising hot metal output and policy support. IO prices show bullish trend strengthening pre-CNY but risks...

SGX IO rose 40c/ton last week, with Feb contract trading 24.6% below its 5-year average. In the lead up to CNY, IO prices rise, rise even further...

SGX IO Futures closed lower, as China's iron ore stockpiles rose slightly and demand slowed. FIIs hold a net long position in the futures and...

[IO Technicals Weekly 2024/50] Stimulus Rally Fizzles

SGX Iron Ore Futures rose but faced resistance due to weak Chinese economic data, indicating potential bearish trend ahead.