Iron Ore Swaps Trade Higher

Reuters reported iron ore swaps trading volumes rose to a record-high in July as a steep physical price move prompted market participants to adjust their position.

As quoted in the market news:

The Singapore Exchange, by far the largest forum for iron ore swaps, cleared almost 10 million tonnes in July, or about 25 percent more than in May, when the previous record was set, according to preliminary data supplied by iron ore index provider the Steel Index.

The growth in July was due to new participants entering the market and to existing players trading higher volumes than usual, brokers said.

Click here to read the full Reuters report.