Iron ore is on fire, jumps 9%

Heightened expectations of fiscal splurge in US following Trump’s victory in the Presidential Elections set iron ore and other base metals on fire.

Clocks highest since January 2015

Iron ore price rose to a high of $70.98 per tonne, its highest level since January 2015. The metal is up 63% this year and has added 27% over the last one month.

Iron ore Nymex technical levels

Beach of immediate resistance at 71.83 (Dec 2014 high) would open doors for a rise to 77.30 (Sep 2014 low). On the lower side, breach of support at 65.18 (weekly low) would expose 58.81 (weekly 10-MA).