ASX to slip; Wall St rallies

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Australian shares are set to fall at the open despite shares on Wall Street rallying on Friday, led by the tech sector; iron ore nears $US150 a tonne. Follow the latest here.

The spot price for iron ore has risen 24 per cent to start the year and there’s the potential for it to top $US150 a tonne after next week’s Lunar New Year break.P Global Platts said its benchmark spot price rose $US9.15 or 6.6 per cent to $US147.90 a tonne on Friday; it closed 2021 at $US119. Chinese financial markets and most businesses will be closed all next week.Bloomberg

“Some market participants expected medium-grade fines demand to improve as buying interests in both seaborne and portside market were firm, providing a lift to prices,” Platts reported in its daily bulletin on Saturday AEDT.lot of the Australian products on both spot market and ports,” another

 

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