Iron Ore Reaches Peak After Restocking Rally: Morgan Stanley

Bloomberg reported that according to Morgan Stanley, iron ore will decline over the rest of 2013 as supply increases and rally triggered by China restocking ends.

As quoted in the market news:

The price probably peaked at about $159 a metric ton last month and will average $133 this year, analysts Joel Crane and Peter Richardson said in a report today. The consensus forecast for 2013 is $121, a figure that’s “overly negative,” they wrote.

 Click here to read the full Bloomberg report.