Iron ore futures saw a decline on Monday as traders decided to take a cautious approach after a recent surge in prices. The rally was fueled by positive sentiment around China’s efforts to support its economy and the expected increase in demand for iron ore in the near future, which is a key component in steel production.
The wait-and-see approach adopted by traders can be attributed to the need for more concrete evidence of China’s policy support and the actual implementation of measures to boost the economy. While there is optimism surrounding the demand for iron ore, there are also uncertainties and potential risks that could impact the market.
Overall, the decline in iron ore futures can be seen as a temporary correction after the recent rally. Traders are likely to closely monitor any developments in China’s economic policies and look for indications of increased demand for iron ore in the coming weeks.
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