DCE went downhill on Tuesday, due to easing of supply from higher shipments.
DCE fell slightly by 0.96% on-day to RMB 617 a tonne on Monday, after experiencing some support in the morning session before a selloff at the afternoon.
Supply concerns over Vale’s mining plant had pushed iron ore future upward on Friday, as the DCE posted a slight gain to end the week.
DCE fell for third consecutive day by 5.37% day-on-day to RMB 660.50 a tonne, due to weaker Yuan against US dollar.
DCE continued to fall for the second consecutive trading day on Tuesday to below RMB 700 a tonne, as trade war transited into a ‘currency war’ between the US and China.
DCE finished under the RMB 700 a tonne on Monday, in view of the escalating trade tension between the US and China.
DCE reached above RMB 900 a tonne mark on Tuesday, due to supply concerns and relaxed output cut for the month of August.
DCE had a late squeeze by the end of afternoon session to close on the positive after being in negative region for most of the time.
DCE slid down by 2.66% on-day to RMB 860 a tonne on Wednesday, after traded an intraday high of RMB 877.50 a tonne, and traded an intraday low at RMB 842 a tonne.
DCE faced upward pressure and dipped by 1.73% on Tuesday to close at RMB 880 a tonne by the end of afternoon session.