Base Metals

Bloomberg reported that Morgan Stanley is calling for an “end-of-year rally” for iron ore prices. The analysts saw supply closures and rising steel demand as drivers behind a rebound, although they did say that the base metal could fall slightly lower before coming back.

Bloomberg reported that Morgan Stanley is calling for an “end-of-year rally” for iron ore prices. The analysts saw supply closures and rising steel demand as drivers behind a rebound, although they did say that the base metal could fall slightly lower before coming back.

As quoted in the publication:

The steel-making raw material will drop into the $70s-a-ton range in the near term, then rally toward $90 a ton by the end of the year, analyst Joel Crane said in a report today. The commodity, which slumped to the lowest level in five years this month, last traded at less than $80 a ton in September 2009.

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