The active SGX iron ore contract continues to climb. We were last $113.55/ton, which is above all the key EMAs, while versus late June lows we sit nearly 12% higher. Late May highs for the metal topped out around $122/ton

• Iron ore gains are consistent with the continued track higher in onshore steel and hot rolled coil benchmarks. Copper is also tracking higher, with HG up +5% from recent lows.
• However, recent positive China property equity market sentiment has had little follow through, with broader China equity indices also struggling. Onshore markets may be waiting to see what emerges from the 3rd plenum in the middle of this month.