Benchmark spot ore climbed 2.5 percent to US$100.35 a ton, Mysteel Global said. Iron ore has staged a stunning rally this year as supply disruptions in Brazil and Australia, the top shippers, spurred forecasts the seaborne market will swing to a deficit. That means, while other materials, such as copper, have been harmed by concerns the US-China trade spat would hurt demand, iron ore has vaulted higher. Iron ore hitting US$100 vindicates predictions from market watchers including Citigroup Inc, Barclays PLC and Clarksons Platou Securities Inc, all of which flagged the potential for a gain for the raw material into three figures. In other commodities, spot gold on Friday ended at US$1,277.53 per ounce, down 0.9 percent for the week.
Source: Taipei Times May 18, 2019 16:01 UTC