[IO Technicals Weekly 2025/06]: Bullish Momentum, But Correction Looms

383 Views10 Feb 2025 17:34

SUMMARY

SGX Iron Ore Futures rose by $2.25/ton, closing at $107.30/ton on Feb 7, after trading within a $5.50/ton range, the widest in recent weeks.
Strong demand from steel mills, a weaker U.S. dollar (-0.4%), and supply risks from Rio Tinto port clearances drove iron ore prices higher.
Prices trade above key moving averages, with RSI nearing the overbought zone (65.08), suggesting a potential correction in line with historical post-CNY trends.

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