SGX Iron Ore futures sit at their lowest level since 14 June retreating from month to date highs as Tuesday's cut in China's 5-Year LPR by 10bps weighed on sentiment. Economists were split between a 10 and 15bp cut.

• Futures fell ~0.8% yesterday and are down a further 1.6% in thin trade on Wednesday last printing at $111.20/tonne.
• Despite yesterday's fall we remain ~21% above late May's low.

Fig 1: CSI300 Real Estate Index vs SGX Iron Ore Futures

Source: MNI/Bloomberg