SGX Iron Ore futures printed a 2-week high on Monday ($117.45/tonne), before marginally paring gains into the overnight session close.

• The November contract closed at $116.45/tonne, we sit ~6.5% above the Oct 10 low but remain well within the $110-120/tonne range which has persisted since early September.
• Lingering positive sentiment from recent reports of further stimulus moves by the Chinese government supported the space.
• Iron Ore inventories fell for a fifth consecutive week to 105.2mn tonnes and sit at the lowest level since June 2020.