Iron ore price looks set for a tumble as major stimulus hopes fade

The dollar’s rally paused on Tuesday, providing relief for bullion, which rose as much as 1.2%.

While the rest of the world worries about recession, China is steadily increasing its imports of physical copper.

Tuesday's gains indicate the market has not given up hopes that the recovery in Chinese steel production.

The charges are higher than the $80 per tonne and 8 cents per pound set for the third quarter of 2022.

China’s rapid build-up of clean energy is claiming more copper, supporting the market at a time when traditional sources of demand like housing are in the dumps.

The dollar’s relentless surge to repeated records is making commodities priced in the currency more expensive for overseas buyers.

It appears the days of being a “one trick pony” mining company are numbered.

Anglo says 300,000ktpa Peru mine has entered commercial production. Chile output and costs negatively affected by Los Bronces water restrictions and changing ore.

“In general the outlook is pretty weak for metals,” said Ryan McKay, a commodity strategist at TD Securities.