Xinhu Futures: There Is No Obvious Contradiction in The Fundamentals, And The Short-term Iron Ore Shock Is Mainly

Yesterday, even iron continued the volatile trend, closing 923, down 0.54% throughout the day. From the basic point of view, the supply side, the end of the year overseas mine delivery impulse, to the port to maintain a high level, iron ore supply margin loose; On the demand side, the routine maintenance of steel mills has increased, the iron ore demand has weakened from the previous quarter, in addition, the profit of powder ore resources is upside down, which inhibits the release of some demand, the spot market turnover has declined slightly, and the follow-up demand is mainly concerned about the replenishment action of steel mills at the end of the year. In summary, the year-end trading logic focuses on macro expectations, the recent stage is in the meeting, policy vacuum period, after the central economic work Conference, the market lacks a new expected logic drive, although the fundamentals of iron ore are more loose than before, but the follow-up is still expected to be winter storage can imagine, the space below the mine price is limited, operation suggestions wait for callback to do more opportunities.