DCE had a pullback from the highs seen in last week to settle around RMB 768.50 a tonne on Monday, down RMB 19.50 or 2.47% on-day.
DCE closed the day at RMB 781.50 a tonne, up RMB 11.50 on-day, thanks to a last 10-minute market short squeeze.
DCE gains RMB 19 on-day to RMB 764 a tonne today, rather tame as compared to the hitting the upper trading limit on Tuesday.
DCE hit a roofer today and reached the daily limit at the closing. Throughout the morning session, the DCE climbed to new heights since its opening at RMB 730 a tonne.
DCE was off to a cold start after the long weekend from the Dragon Boat festival before picking up later in the afternoon session.
DCE took a dive at the morning session and broke the resistance level of RMB 700 to enter a freefall zone.
Iron ore price slid down on bearish steel demand as Platts assessed the 62% Fe Iron Ore Index at $97.95/dry mt CFR North China on Monday, down $1.85/dmt from Friday.
DCE continued its tumble throughout Monday trading session on lower steel demand sentiments and market uncertainty.
DCE came off the highs today trading 745 down to close at 727, bringing an end to multiple high seen in the week.
DCE continued a downward trend today, by shaving down to RMB 737, down RMB 4 on-day. At the start of the trading day, there was a strong push at first then followed by a selloff in the morning session.