SINGAPORE- Iron ore futures traded within a tight range on Tuesday, as investors weighed strengthening near-term demand in China against conflicting statements about trade talks from Washington and Beijing.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) was little changed at 707.5 yuan ($97.26) a metric ton.
The benchmark May iron ore on the Singapore Exchange dipped 0.16 percent to $98.25 a ton.
Iron ore futures fell amid pressure on the Chinese market to reduce inventories amid the uncertainty that the trade war with the U.S. presents, said ANZ.
US President Donald Trump insisted there has been progress with China, and that he has spoken with President Xi Jinping. Beijing has denied trade talks are occurring.
China advanced this year’s stimulus plans but is holding off on fresh measures, though the decision to withhold additional stimulus disappointed investors, leading to a 3 percent slump in Chinese real estate stocks on Monday.
