Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We maintain our short term target in this contract at $104.50/105.00. It again appears to be the story that strength in the distillates are helping lift Crude prices as RBOB picked up over 2% today and heating oil 1.50%.
