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Iron ore’s story is bullish for several reasons, but chiefly because China, where the novel coronavirus was first reported, emerged from the virus first and market watchers have bought into the optimistic view of a V-shaped recovery, bolstered by government stimulus spending. If the spot price of iron ore is performing well, then the domestic China price, as traded on the Dalian Commodity Exchange is going gangbusters.
London three-month copper contracts are down 11% from the end of last year, and the rally since the low on March 19 has been 25.6%, which is a solid performance but behind the Chinese domestic price. In aluminum China counts for about 56% of global output, and its domestic price is down 7.4% from the end of last year, but up 14% from the low in 2020 on April 2.
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