Iron ore prices unlikely to drop below $100 in 2024 – ANZ

Market news

21 December 2023

Iron ore prices unlikely to drop below $100 in 2024 – ANZ

Iron ore prices have risen more than 25% in the second half of 2023. Strategists at ANZ Bank are upgrading price forecasts.

Short-term target raised to $110

This rally looks susceptible to a retracement if demand does not eventuate as expected, which could be triggered by steel production cuts over the northern winter.

Nevertheless, the downside looks limited amid the tightness in the market. As such, we are upgrading our short-term (0-3mth) target to $110/t. We have also raised our 2024 forecasts, with prices unlikely to drop below $100/t.

Gold price remains within tight range ahead of US core PCE data

USD/CHF Price Analysis: Consolidates above 0.8600 ahead of US core PCE data

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.