Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Commodities

<ul>
<li>Yesterday was a crazy day in FX and commodities as seen in chart 1.a. Within the span of 6 hours we had markets trading WaPo the rumour, then reacting to the pushback on the rumour from Trump and then markets calling Trump’s push back a bluff.</li>
<li>We conclude a couple of things from this.</li>
<li>Firstly, what we have been saying the last month ever since Trump’s first comments on Canadian tariffs, namely that this is a negotiation tactic to get what he really wants.</li>
</ul>


Yesterday was a crazy day in FX and commodities as seen in chart 1.a. Within the span of 6 hours we had markets trading WaPo the rumour, then reacting to the pushback on the rumour from Trump and then markets calling Trump’s push back a bluff.
We conclude a couple of things from this.
Firstly, what we have been saying the last month ever since Trump’s first comments on Canadian tariffs, namely that this is a negotiation tactic to get what he really wants.


The Drill: It’s an Omnishambles in the Tariff Talks

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Happy Sunday, and welcome to our weekly editorial on all things macro markets.</li><li>In full transparency, we’ve been a few weeks early on our bet for lower bond yields, which slightly wrongfooted our risk asset view heading into Christmas—after being on a remarkable roll for several months.</li><li>We remain puzzled by the resilience of bond yields (and the USD) despite softer economic surprises and flattening inflation expectations.</li></ul>

Happy Sunday, and welcome to our weekly editorial on all things macro markets.In full transparency, we’ve been a few weeks early on our bet for lower bond yields, which slightly wrongfooted our risk asset view heading into Christmas—after being on a remarkable roll for several months.We remain puzzled by the resilience of bond yields (and the USD) despite softer economic surprises and flattening inflation expectations.

Steno Signals #179: A handful of trades for 2025

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

<ul>
<li>SGX IO Futures closed USD 4.17/ton higher for the week ending on 29/Nov. It traded in a range of USD 5.05/ton, which was smaller than the prior week.</li>
<li>Chinese portside inventories fell 1.5% to 148.5M tons for the week ending 29/Nov. China’s manufacturing PMI for November came in at 50.3, beating analyst expectations of 50.2.</li>
<li>Seasonally strong demand ahead of the Lunar New Year, improving steelmaker conditions, stimulus hopes, and robust PMI signal continued iron ore price gains.</li>
</ul>


SGX IO Futures closed USD 4.17/ton higher for the week ending on 29/Nov. It traded in a range of USD 5.05/ton, which was smaller than the prior week.
Chinese portside inventories fell 1.5% to 148.5M tons for the week ending 29/Nov. China’s manufacturing PMI for November came in at 50.3, beating analyst expectations of 50.2.
Seasonally strong demand ahead of the Lunar New Year, improving steelmaker conditions, stimulus hopes, and robust PMI signal continued iron ore price gains.


IO Weekly Technicals Review [2024/48]: Bullish Trend to Persist

<ul>
<li>SGX IO Futures closed USD 3.83/ton higher for the week ending on 22/Nov. It traded in a range of USD 6.90/ton, which was smaller than the prior week.</li>
<li>Chinese portside inventories increased by 350k tons WoW to 148.86 MT as of 22/Nov. Steel mill inventories rose 13.8% to 15.6 MT in mid-November compared to early November.</li>
<li>Iron ore prices remain well supported in the near term despite high stockpiles at Chinese ports due to strong consumption and robust steel production ahead of the Lunar New Year.</li>
</ul>


SGX IO Futures closed USD 3.83/ton higher for the week ending on 22/Nov. It traded in a range of USD 6.90/ton, which was smaller than the prior week.
Chinese portside inventories increased by 350k tons WoW to 148.86 MT as of 22/Nov. Steel mill inventories rose 13.8% to 15.6 MT in mid-November compared to early November.
Iron ore prices remain well supported in the near term despite high stockpiles at Chinese ports due to strong consumption and robust steel production ahead of the Lunar New Year.


IO Weekly Technicals Review [2024/47]: IO Uptrend to Continue

<ul>
<li>SGX Iron Ore Futures dropped to USD 96.71/ton, down USD 5.49/ton, hitting a low of USD 96.30/ton amid pressure from declining housing prices and industrial output in China.</li>
<li>Chinese portside inventories increased by 120k tons WoW to 148.51m tons last week, while average daily port discharge volumes rose by 131k tons WoW to 3.18m tons.</li>
<li>Despite weak economic data from China, SGX Iron Ore Futures may rebound in November-December as pre-Lunar New Year restocking boosts steel demand.</li>
</ul>


SGX Iron Ore Futures dropped to USD 96.71/ton, down USD 5.49/ton, hitting a low of USD 96.30/ton amid pressure from declining housing prices and industrial output in China.
Chinese portside inventories increased by 120k tons WoW to 148.51m tons last week, while average daily port discharge volumes rose by 131k tons WoW to 3.18m tons.
Despite weak economic data from China, SGX Iron Ore Futures may rebound in November-December as pre-Lunar New Year restocking boosts steel demand.


IO Weekly Technicals Review [2024/46]: IO to Rise on Seasonality

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).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Iron Ore (IRON ORE COMDTY)

The Drill: It’s an Omnishambles in the Tariff Talks

Trades: Short DXY, Long Palladium, Long Copper / Short Iron Ore. Yesterday was a crazy day in FX and commodities as seen in chart 1

Steno Research

Steno Signals #179: A handful of trades for 2025

Happy Sunday, and welcome to our weekly editorial on all things macro markets. In full transparency, we’ve been a few weeks early on our bet for...

Steno Research

IO Weekly Technicals Review [2024/48]: Bullish Trend to Persist

Iron ore prices rose as SGX IO Futures closed higher, Chinese portside inventories fell, and strong demand ahead of Lunar New Year and robust PMI...

Mint Finance

IO Weekly Technicals Review [2024/47]: IO Uptrend to Continue

Iron ore prices rise despite high stockpiles at Chinese ports, supported by strong consumption and robust steel production ahead of Lunar New Year.

Mint Finance

IO Weekly Technicals Review [2024/46]: IO to Rise on Seasonality

SGX Iron Ore Futures drop due to China's economic woes, as housing prices decline further and industrial output drops but rebound on the horizon...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Drill: It’s an Omnishambles in the Tariff Talks

Trades: Short DXY, Long Palladium, Long Copper / Short Iron Ore. Yesterday was a crazy day in FX and commodities as seen in chart 1

Steno Research

Steno Signals #179: A handful of trades for 2025

Happy Sunday, and welcome to our weekly editorial on all things macro markets. In full transparency, we’ve been a few weeks early on our bet for...

Steno Research

IO Weekly Technicals Review [2024/48]: Bullish Trend to Persist

​Iron ore prices rose as SGX IO Futures closed higher, Chinese portside inventories fell, and strong demand ahead of Lunar New Year and robust PMI...

Mint Finance

IO Weekly Technicals Review [2024/47]: IO Uptrend to Continue

​Iron ore prices rise despite high stockpiles at Chinese ports, supported by strong consumption and robust steel production ahead of Lunar New Year.

Mint Finance

IO Weekly Technicals Review [2024/46]: IO to Rise on Seasonality

​SGX Iron Ore Futures drop due to China's economic woes, as housing prices decline further and industrial output drops but rebound on the horizon...

Mint Finance

Iron ore prices rose as SGX IO Futures closed higher, Chinese portside inventories fell, and strong demand ahead of Lunar New Year and robust PMI...

Iron ore prices rise despite high stockpiles at Chinese ports, supported by strong consumption and robust steel production ahead of Lunar New Year.

SGX Iron Ore Futures drop due to China's economic woes, as housing prices decline further and industrial output drops but rebound on the horizon...