A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment.
Iron ore prices were recently at 567 yuan ($89) per tonne, down from a high of 1,300 yuan per tonne in May.
Broader markets are waiting for this week’s central banks tapering decisions – not that the Dow Jones Industrial Average seemed too worried after it set a fresh intra-day high at 36,009.74 on Monday.
On the LME, all the base metals with the exception of lead were weaker this morning. Lead was up by 0.2% at $2,376 per tonne, while the rest were down by an average of 0.7%, led by a 1.3% decline in tin ($36,750 per tonne). Copper was...